If payments choice is a driver of consumer experiences, real-time payments aim to go further.
This, according to findings in the new report, “Navigating Big Retail’s Digital Shift: The New Payments Strategy Evolution,” a PYMNTS and ACI Worldwide collaboration, which found that 65% of non-grocery retailers are adding the payment method, as are 55% of grocery retailers and 56% of convenience stores.
Key among these for 2023 and beyond are real-time payments, with the introduction of the FedNow network growing imminent and nimble FinTechs already making real-time a reality.
As instant payments begin capturing the imaginations of consumers reared on P2P transfers and retailers that see faster payment rails bringing new experiences and efficiencies to operations, interest in adding this payment feature is growing.
“Retailers are prioritizing real-time payments as an innovation launchpad,” the study said. “Currently, 52% of U.S. retailers and 56% of U.K. retailers accept real-time payments or plan to do so in the next three years. Real-time payments are a powerful innovation tool for an improved in-store customer experience.”