What We Know After 6 Years of Asking Consumers About Receiving Instant Payments

In the last year, 62% of consumers received disbursements from various corporate and government agencies, with the average consumer receiving $34,000.

In the last two years, consumers have received just 36% of payouts via instant payment rails. Payors have an opportunity to increase the use of instant payments, as 72% of consumers prefer this method, and 62% would have chosen instant options if they had the chance. Consumers are also willing to put their money where their mouth is. Many are willing to pay a fee to receive payouts via instant rails, especially those receiving payments for freelance, contract or consulting projects.

These are just some of the findings in “Measuring Consumer Satisfaction With Instant Payouts,” a PYMNTS Intelligence and Ingo Money collaboration. This report draws on a census-balanced survey of 3,903 U.S. consumers to examine consumer satisfaction with the disbursements they receive from government and nongovernment entities. This report series is in its sixth year and provides insight into consumers’ growing interest in instant payouts, even as some issuers are lagging in offering instant options.

Other findings in the report include:

The share of consumers receiving disbursements has remained stable year to year, yet the number of payouts consumers have received has decreased.

Even as the share of consumers receiving disbursements has remained stable, the number of payouts consumers have received has decreased. As of September 2023, consumers received, on average, nine disbursements so far, down from 14 in 2021. This decrease suggests that payers are consolidating payments to lessen their frequency, likely due to the inefficient process of making these payouts.

Consumers opted to receive instant payments 72% of the time when given the option. Those receiving income and earnings payouts are most likely to choose instant rails.

On average, 54% of consumers had the choice to receive their most recent disbursement via instant payment rails. Of these, 72% ultimately chose to receive the disbursement as an instant payment. Across all disbursement categories, consumers receiving payouts for income and earnings chose instant more often than the average, at 77%. Those receiving income and earnings disbursements for freelance, contract or consulting projects chose instant the most, at 81%.

As instant payments provide the quickest access to good funds, consumers are most satisfied when receiving disbursements via instant rails.

On average, 78% of consumers are very or extremely satisfied when receiving disbursements via an instant payment, compared to 70% among those receiving payouts via non-instant payments. Satisfaction with instant payments is the highest for government disbursements. Among those receiving income and earning payouts, consumers are more likely to say they are satisfied with instant methods than non-instant methods.

Consumers want to receive their payouts via instant methods because they can be sure they will get their money in real time. Download the report to learn more about consumers’ preferences for and satisfaction with instant disbursements.