Real-time transactions continue their sweep worldwide, and payments experts note that the industry has achieved stable and sustainable growth. A newly published report revealed that more than 266 billion real-time transactions occurred worldwide in 2023. This was a year-over-year increase of 42%. Experts attribute this...
Forty percent of the independent mom-and-pop restaurants in the U.S. that generate $10 million or less annually now use instant payment rails as their primary method to send funds. And these restaurateurs are pleased with the results, according to PYMNTS Intelligence data. Seventy percent say...
While instant payments might seem like an innovation that only big companies would embrace, these types of expenditures are gaining traction with many mom-and-pop eateries. The PYMNTS Intelligence report “Small Business Real-Time Payments Barometer: Restaurants Edition” found that the number of restaurant small- to medium-sized...
Who doesn’t like getting paid instantly? According to PYMNTS Intelligence data, roughly a third of all U.S. consumers now select instant payouts when they are available, and even more tellingly, 78% would choose instant payments if given the option. But for some U.S. consumers, getting...
When it comes to payments innovations, banks and payment companies have held up their end of the deal. Instant payments, pay-by-bank, digital wallets, artificial intelligence and tokenization all have been pushed forward from the supply side. Now it’s up to the consumer. Seth Perlman, global head of product at i2c, said there are...
The payments landscape in Europe is poised for a shift as new regulations mandating support for instant payments go into effect in 2025. That’s no guarantee that consumers and businesses will automatically take advantage of them, but it will have implications for banks as well...
Small- to medium-sized businesses (SMBs) can suffer the most from big delays in getting paid. With the news that the U.S. securities market will be converting to a T+1 standard settlement cycle Tuesday (May 28), faster payments are increasingly top of mind as well for Main Street SMBs looking for not just speed,...
Amid the hype about the FedNow® Service approaching its one-year mark, instant payments may finally be settling down into more grounded territory, specifically, liquidity, competitive advantage and the customer experience. Those factors were top of mind for Ingo Payments CEO Drew Edwards, who told Karen Webster in an interview that the groundswell...
Banco Santander and Iberpay have processed the first international instant transfers based on the European Payments Council’s One-Leg Out Instant Credit Transfer (OCT Inst) scheme. These transfers were initiated and completed in different currency areas Tuesday (May 14), the companies said in a Thursday (May 16) press release. The OCT Inst scheme allows payment...