Business use cases: The promise of real-time payments

by Tiffany Taylor, Alacriti

Though TCH’s RTP network has been available since 2017, the U.S. is a relative neophyte in the global market. Despite having the largest economy in the world, the U.S. doesn’t even fall within the top 10 in terms of monthly transactions.

Real-time payment adoption could be sped up by overcoming some initial challenges that have hampered momentum, including questions about monetization and profitability, demand, and the need for creative use cases for productization.

Low hanging fruit

One group of stakeholders that have embraced real-time payments above all others is businesses. Benefits to businesses—especially small to mid-sized ones—include above all else, the elimination of crucial cash flow concerns, enhanced reconciliation, and the elimination of chargebacks, as well as enhanced security. In a recent survey of 1,000 business leaders in multiple verticals, 56% said they were planning to adopt real-time payments in 2024.

 

continue reading »