How consumers are driving demand for real-time payments

Consumers’ payment needs have undergone a sea change over the past two years, and access to real-time payments is becoming a requirement that many never knew they had.

Homeowners want their mortgage payments to clear the moment they press “send,” and workers enjoy not having to wait for their paychecks to become available in their bank accounts. Access to real-time payment options means consumers’ money is available for spending as soon as funds are sent to their accounts.

Real-time payments are one of the most important trends defining the consumer payments landscape today. Instant payments reached a global market value of $10.6 billion in 2020 and are expected to grow at a compound annual growth rate (CAGR) of 33% from 2021 to 2028. Real-time payments are also valuable to businesses, as they can significantly improve both cash flow and operational efficiencies. Consumers are a main driver of this payment option, however — in both making and receiving payments. This month, PYMNTS examines the consumer demand for real-time payments and reveals which demographics are driving this growth the most.

 

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