The U.S. Faster Payments Council (FPC) has unveiled its 2024 U.S. Instant Payments Adoption Quantitative Study, marking a significant step in understanding the future of faster payments. The study, the first of its kind, surveyed third-party enablers serving over 90% of U.S. financial institutions, providing key insights into the projected growth of instant payments through 2028.
Findings indicate that by 2028, 70-80% of financial institutions will have the capability to receive instant payments, while 30-40% will be able to send instant credits. Early use cases like earned wage access, P2P payments, and wallet funding are driving initial adoption, with mid-term use cases such as B2B payments and online bill pay expected to spur broader engagement.
FPC Executive Director Reed Luhtanen emphasized the positive outlook, noting that widespread adoption will foster competition, innovation, and inclusion in financial services. Despite challenges like fraud prevention and end-user interfaces, the study identified strong tailwinds, including use case-driven approaches and evolving industry standards, that will propel the industry forward.
The study, conducted from July 25 to August 20, 2024, reflects the perspectives of 25 third-party enablers such as payment processors, gateways, and corporate credit unions, with the Federal Reserve Financial Services contributing to its implementation and analysis.
Similar News:
Bank of England, UK Finance Lead SIMEX 24 to Boost Financial Sector Resilience
