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2011 Expedited Payments Overview and Forecast: A Win-Win-Win for Consumers, Banks and Billers
Javelin Strategy & Research, Feb 2011, Pages: 44
The slow economic recovery has lent even greater importance to expedited payments — rushed bill payments that are delivered the same day or next day — as consumers focus on effectively managing their finances. In 2010, consumers saved billions in late fees, and this number is expected to increase in future years. Expedited payments have also gained increasing attention from financial institutions, billers, and other thirdparty payment vendors, who are seeking to tap into the revenue generated by expedited payment fees. This report evaluates the actual and forecast changes in the expedited payments market, from 2008 to 2015, tracking consumer use of these services and analyzing the future of expedited payments revenue. This report also examines consumer behavior and trends surrounding expedited payments and recommends how industry players can effectively market their services to maximize profit.
Primary Questions
- What effect will improving economic conditions have on expedited payments revenue and consumer utilization of expedited payments?
- How much will consumers save in late fees by initiating expedited payments?
- What is the average consumer cost to initiate an expedited payment?
- With what type of an organization do consumers initiate expedited payments — banks or billers?
- How many banks offer an expedited payment program?
- Which key consumer groups use expedited payments most frequently?
- How is the expedited payments market expected to change through 2015 in terms of price, household adoption, and dollars saved?
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