Rakuten On Growing Demand For Instant Rebates

Consumers are no longer willing to wait for even the simplest of disbursements. Whether they’re waiting to receive government payments, wages or rebate checks from online retailers, consumers increasingly demand that funds be sent instantly. Businesses, banks and payment providers worldwide are innovating the way disbursements are sent and received to better serve the needs of this group of  consumers.

In the latest Disbursements Tracker, PYMNTS examines the ways disbursements are changing in industries like online rebates, as speed becomes one of the key factors for consumers shopping and paying digitally.

Around The Disbursements World

The need for instant payments is growing in a number of markets around the world, such as the Netherlands, where several Dutch banks have partnered to develop instant payment standards. The banks involved include ABN AMRO, ASN Bank, de Volksbank, ING Bank, Rabobank, RegioBank and SNS.

In other markets, workers in the gig and sharing economies — such as ridesharing drivers — are beginning to expect to see their wages paid out instantly. To support such payments, fleet card provider OnRoad has partnered with mobile payments system RoadSync to allow drivers to digitally request and accept payments without unnecessary friction.

Gig economy workers aren’t the only ones who want access to faster wages. Nearly half of all workers would be willing to pay fees to access their wages early at least once a year, while 20 percent of such workers would do so once a month, according to one new study. The need for employers to provide such disbursements is only set to grow as instant payments become more widely accepted in the global economy.

To read more about this and other news items, visit the Tracker’s News & Trends section.

Why Paper Checks Continue To Dominate In The Online Rebates World

Consumers are starting to expect to see instant payments in all areas of daily life, but that does not mean older payment methods are fully obsolete just yet. Paper checks still play a large part in the online rebate world, according to Craig Cassata, president of online shopping and rebate site Mr. Rebates, and Kristen Gall, general manager of cash-back platform Rakuten Rewards. In fact, both Cassata and Gall believe checks will likely stick around for the foreseeable future in online rebates.

To learn more about the fate of checks, and the efforts to spread digital payment methods in rebates, visit the Tracker’s Feature Story.

Deep Dive: How Instant Payments And Solutions Are Changing Rebates

Online rebate companies are far from getting rid of checks as a payout option, as consumers still enjoy the thrill of getting tangible checks. However, many are adding more digital options to their arsenal to entice younger consumers used to fully digital payment methods. Retailers and restaurants that rely on rebates are searching for faster ways to pay out consumers no longer willing to wait, and many are using mobile apps and other technologies to facilitate this speed.

To learn more about how instant payment solutions are changing rebates, visit the Tracker’s Deep Dive.

About The Tracker

The PYMNTS Disbursements Tracker, powered by Ingo Money, is the go-to monthly resource for staying up to date on the trends and changes in the digital disbursements space.