Consumers want real-time payments – From their primary financial institution
A recent FIS study reiterates a few key points regarding consumers and real-time payments. First, a significant portion of the population is showing an interest in utilizing real-time payments. Second, consumers expect those payments to be mobile, immediate, and convenient. Third, the majority of those interested in real-time payments are looking to their financial institutions (FIs) to provide the service.
“Real-time payments are clearly the future of money movement, according to the consumer demands laid out by our data,” said Anthony Jabbour, EVP, North American Financial Institutions, FIS.
According to the report, wealthy individuals, young people, and those who send money overseas are the three population sectors most likely to be adopters of real-time payments. Convenience features, such as access to real-time apps and services via mobile device were considered imperative to many consumers. Fifty-two percent of consumers who utilize outbound foreign money transfer, and 45 percent of person-to-person (P2P) users indicated an interest in making real-time payments via mobile device.
Being able to enter a recipient’s email address or phone number instead of a series of bank and/or checking account numbers to route a transaction was another convenience that ranked highly. Younger consumers are especially interested in this feature, with 55 percent of Gen Y and 43 percent of Gen X consumers indicating they would be more likely to adopt real-time payments if it were an option to transfer funds in this manner.
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