NEW YORK—Consumers and businesses are pivoting toward faster and digital payment options—at a pace maybe faster than many expected.
“Overall, as detailed in two reports by Federal Reserve Financial Services, last year saw a 31% increase in digital wallet use by businesses, and a roughly commensurate 32% increase in consumer usage,” PYMNTS reported.
As many as 86% of businesses and 74% of consumers said they used faster or instant payments last year, PYMNTS noted.
What Consumers Say
“One-in-four consumers said they’d prefer to leverage instant payments to help manage their finaN.C.es,” PYMNTS reported. “The Fed’s Consumer Research Brief found that 57% of consumers expect to use faster payment options more extensively in the future. Among the top use cases to benefit from instant payments are online shopping and last-minute bill payments, according to the Fed.”
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