JACKSONVILLE, Fla.-A new study suggests that offering real-time payments can increase banking convenience and help consumers better manage their financial lives.
The study, released by FIS and conducted by market research provider Ipsos Vantis, found that consumers are looking to their PFI for the real-time payment services..
The research probed consumer sentiments about the ability to instantly authorize and settle transactions in four key market groups: outbound foreign money transfer users, account-to-account (A2A) transfer users, person-to-person (P2P) payment users and online bill payers.
Among the findings:
* 80% of overseas money transfer users believe it's important for their recipients to be able to use the money they send to them immediately (58% of A2A users and 41% of P2P recipients want to have immediate access to their funds.
* 55% of those surveyed prefer to get real-time payment services from their PFI rather than a credit card or alternative payment provider.
Other Research Findings
* Consumers reported they would use real-time payments - if available through online banking or their mobile banking app - for a significant percentage of their transactions. Online bill payers who currently use expedited payments estimate, on average, they would use real-time bill payment through their online banking or mobile banking app to make real-time payments for 71% of their expedited bill payments going forward. On average, users of overseas money transfers say they would use real time for 47% of those transactions, while A2A users project making 36% of their money transfers in real time and P2P users expect to use real time for 25% of their P2P transactions.
* Four out of 10 survey respondents who use outbound foreign money transfer and P2P services want to be able to access real-time applications through their mobile phones.
"The research confirms that mobile technologies will be a catalyst for real-time payment adoption," said Anthony Jabbour, EVP, North American Financial Institutions, FIS. "For example, among consumers who conduct person-to-person transactions, 74% of Gen Y want the ability to conduct real-time P2P pay ments using their mobile phones and nearly half of the Gen X and younger boomer segments also want this capability. As a result, institutions have a tremendous opportunity to establish themselves as the foundation for real-time money movement services, not only through the online channel but increasingly through the mobile channel."
