Consumers demand convenience, flexibility and pay-anywhere availability
from real-time payments, according to the third phase of a
banking behavior study by
(NYSE: FIS), the world’s...
Consumers demand convenience, flexibility and pay-anywhere availability from real-time payments, according to the third phase of a comprehensive banking behavior study by FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology. Among the findings, consumers who transfer money person-to-person -- especially those sending money overseas -- want to make those transactions immediate; and, while young consumers are more likely to be among the early adopters of real-time payments, most importantly, they want the process to be convenient and easily accessible. The study, conducted by global market research provider Ipsos Vantis, on behalf of FIS, gauged consumer sentiments and potential economic value for banks that instantly authorize 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. Faster payment was rated as being important by 80 percent of outbound foreign money transfer users, because it provides both senders and recipients with peace of mind. The majority (58 percent) of A2A users also want to be able to transfer their money between accounts quickly and a large percentage (41 percent) of P2P users want recipients to be able to access funds immediately. Potential adopters of outbound foreign money transfer and P2P real-time payments most often want to use real-time applications to send money -- as gifts, payments, for emergencies and more -- to family members and friends. Prime consumer segments for early adoption of real-time payments include: affluent customers, people sending money overseas and younger customers. The study underscores the importance of features that support convenient payments, particularly mobile device access of real-time applications and services – especially for outbound foreign remittance users. Fifty-two percent of outbound foreign money transfer users would use their mobile devices for real-time transfers while 45 percent of P2P users reported a desire to use their mobile devices.