A decade ago, when Britain first launched its Faster Payments Scheme, buzz had barely begun on the topic. Ten years and 9.1 billion payments later, the world is catching up and catching on, and faster payments are part of almost everyone’s plans. The question now is how to keep up with the tempo — and maybe even nudge it faster. The efforts come on all sides: B2B players, small credit unions and fitness-based firm Garmin are all asking the same questions when it comes to moving money and making payments happen — how to make it faster, smoother, sleeker and safer.
60 percent: The increase in the share of banks that think faster payments will be a revenue driver.
10: The number of years since the U.K.’s Faster Payments Scheme made its first debut.
5,757: The number of U.S. credit unions as of 2018.
20: The number of countries in which the Garmin Pay platform is live.