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2022 U.S. Faster Payments Forecast: A Year to Build On

  • ID: 5264959
  • Report
  • March 2022
  • Region: United States
  • 18 Pages
  • Mercator Advisory Group
The Growth of Real-time and Faster Payments Is Driving Consumer Demand

FEATURED COMPANIES

  • Alloy Labs Alliance
  • Bank of the West
  • Chime
  • Early Warning Services
  • Mastercard
  • PayPal

2021 was an important build-out year for real-time and faster payments in the U.S., as explored in the 2022 U.S. Faster Payments Forecast: A Year to Build On report.

Payment options such as the debit network’s debit push payments, The Clearing House RTP network, Same Day ACH, and Zelle all experienced strong growth dependent on the specific use cases where each predominates and the maturity of their respective solutions. Following through on the pandemic fueled growth in 2020, more financial institutions and technology providers integrated to faster and real-time rails, launched new products, and advanced their strategies.

“We have found in the last year that consumers are becoming much more aware that some payments transact quickly, even instantly, which for transaction types like bill pay, account-to-account transfer and some person-to-person funds movement is beneficial. This leads to a compounding effect that is creating greater demand for faster payments in more use cases” comments Sarah Grotta, the author of the report.

North American Payment Insights 2021

Highlights of the report include:

  • Consumer’s view of faster and real-time payments through primary data results
  • Recent growth trends and forecast dollar volume for Mastercard Send, Visa Direct, Same Day ACH, The Clearing House’s RTP network, and Zelle.
  • Discussion of the current use cases experiencing the greatest growth and predicted new avenues for expansion

This report has 18 pages and 9 exhibits.

Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Alloy Labs Alliance
  • Bank of the West
  • Chime
  • Early Warning Services
  • Mastercard
  • PayPal

1. Executive Summary


2. Introduction

3. The Consumer View of Faster Payments

4. Tracking Faster and Real-Time Networks' Progression

5. Conclusion



6. References



List of Tables and Figures

Figure 1: Over 45% of consumers have sent or received funds instantly.
Figure 2: Importance of Real-Time or Faster Payments for Critical Uses
Figure 3: Estimated and Forecast U.S.  Mastercard and Visa Debit Push Payments
Table 1: The Federal Reserve Announced Fees for FedNow
Figure 4: Reported and Estimated Same Day ACH Volume Growth
Figure 5: The Clearing House RTP Network
Figure 6: Reported and Estimated Zelle Volume Growth
Table 2: Review of Sample Banks’ Zelle Small Business Product
Figure 7: Consumers tend to prefer to direct most P2P transactions through a single app

Note: Product cover images may vary from those shown

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  • Alloy Labs Alliance
  • Bank of America
  • Bank of the West
  • Block
  • NY Mellon Bank
  • Chime
  • Citibank
  • Early Warning Services
  • JPMorgan Chase
  • Mastercard
  • PayPal
  • PayRailz
  • The Clearing House
  • US Bancorp
  • Visa
  • Wells Fargo
Note: Product cover images may vary from those shown