Today In Data: New Faster Payments Normal

Faster payments in the U.S. and around the world are increasingly becoming the norm. Consumers and business want it and there is money to be made by offering it. But for all the powerful things that faster payments unlocks, in payments, in lending or in SMB transactions, there is the downside. Faster payments can mean faster fraud, and fraud is already a more than $1 trillion problem each year. So is there a way to offer all the immediacy and utility of faster payments and commerce while protecting consumer data and privacy?

$3 billion: Amount Goldman Sachs has lent out through its digital platform, Marcus

$255 billion: Estimated value of faster payments in the U.S. by the end of 2018

$10 million: Amount Google search competitor Duckduckgo raised in its most recent funding round

$128,000: Hong Kong Monetary Authority’s Faster Payment System’s daily transaction limit

41 percent: Share of firms that do not report they have been the victims of cybercrime