BOSTON, Feb. 17, 2021 /PRNewswire-PRWeb/ -- 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.
Highlights of the report include:
- A view into the current state of progression for The Clearing House RTP system, Early Warning's Zelle network, the global debit networks' push payments and Same Day ACH
- A forecast for dollar volumes processed for each of the networks
- Discussion of some of the misnomers and myths circulating about faster and real-time payments
- Current use cases where faster payments are succeeding
- Where the next wave of faster payments growth is likely to emerge
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
Members of Mercator Advisory Group's Debit Advisory Service have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.
Karen Yetter, Mercator Advisory Group, 781-419-1700, [email protected]
SOURCE Mercator Advisory Group