The pace of real-time and faster payments adoption accelerated in the U.S. during 2020 as explored in new research from Mercator Advisory group, U.S. Faster Payments Forecast: The Volume Begins to Build. Solutions such as debit push payments, The Clearing House RTP network, Same Day ACH, and Zelle all experienced strong double-digit and even triple-digit growth in certain use cases. Gains were in part due to the unique environment created by the global pandemic which values fast digital payment types, plus the simple fact that financial institutions and fintechs alike continued to integrate and launch new payment options for customers and members.
”More financial institutions completed technical integrations with faster and real-time networks, not only driving transactions from their customers and members for these products, but also beginning to drive internal efficiencies leveraging the new payment rails for account transfers, vendor payments, or payments from clients for loans and credit cards. Faster and real-time payments came to the rescue during the global pandemic, providing more convenient P2P transactions and opportunities including same day settlement for smaller retailers who appreciated receiving their merchant settlement more quickly,” comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group and author of the report.
This report has 16 pages and 6 exhibits.
Companies mentioned in this report include: Early Warning, FIS, Fiserv, Jack Henry, Mastercard, PayPal, Square, The Clearing House, Visa.