BOSTON–Consumers are increasingly embracing real-time payments, although there appears to be some confusion over just what “real-time” means, according to a new analysis that also found credit unions have a particular challenge.
In a new study conducted jointly by PYMNTS and ACI Worldwide, consumers are incorporating real-time payments into various aspects of their financial activities, including routine bill payments. In fact, 31% of bill-payers consider real-time payments important for tracking, reviewing or paying monthly bills.
“However, there is a lack of clarity among consumers regarding what constitutes a real-time payment,” PYMNTS stated. “Only 29% of consumers who claimed to have made real-time payments believed that the payment cleared immediately.
Additional Findings
Additionally, 28% of consumers reported that it took over a day for their “real-time payment” to be processed, while nearly 6% said it took more than a week. When it came to those making monthly bill or subscription fee payments, only 16% believed their real-time payments were processed instantly.”
PYMNTS said that while the gap in understanding “poses a challenge,” it further stated the “growing demand for immediacy and transparency in transactions is a clear signal to businesses to catch up or risk missing out.”
The survey found just 36% of executives overseeing consumer collections at large firms “recognize the importance” of real-time payments, indicating a slow response from key sectors in meeting consumer expectations, PYMNTS reported.
Credit Unions Lagging
“Examining the data further shows that while 72% of fintechs have already implemented real-time payments, credit unions have been more cautious, with only 22% offering this payment method,” PYMNTS said. “This discrepancy highlights the potential challenges CUs may encounter in keeping pace with shifting consumer preferences.”
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