Report: Hurricanes Underscore Urgent Need for Instant Consumer Payments
Download the Study Meeting Consumers’ Urgent Need for Funds With Instant Payments
Consumers receive a variety of disbursements. These include earnings and income payments, Social Security payments, tax refunds, insurance claim payments and loan proceeds. In fact, 53% of U.S. consumers received at least one nongovernment disbursement in the previous 12 months as of July. This share is up from 48% who said the same in January.
At the same time, instant payments are a popular option for receiving many types of disbursements. The share of disbursements most often received via instant payments is now at an all-time high of 37%, representing a 23% increase from September 2023. The growing number of disbursements issued via instant methods suggests that consumers need to receive their funds urgently. When they need the funds urgently, consumers will likely choose instant payment options if available.
These are some of the findings explored in “Meeting Consumers’ Urgent Need for Funds with Instant Payments,” a PYMNTS Intelligence and Ingo Payments collaboration. This report is based on a census-balanced survey of 8,248 U.S. consumers conducted between July 8 and July 23. It examines consumers’ use of instant payments for the disbursements they receive from government and nongovernment entities. This edition focuses on nongovernmental disbursements. This is the seventh year we have conducted this study, providing insight into consumers’ growing interest in instant disbursements.
Inside “Meeting Consumers’ Urgent Need for Funds with Instant Payments”
- Insight into the growing demand for instant disbursements via push-to-wallet compared to checks and prepaid cards
- Why consumers are more satisfied when they can choose from multiple instant methods
- Insight into why consumers are willing to pay a fee for instant methods
- How senders in certain market sectors have a growing opportunity to replace check-based disbursements with instant pay
The report explores the consumers’ use of instant payment methods for the disbursements they receive from nongovernment entities. This report features 10 charts detailing consumers’ need to receive funds urgently, exploring consumer satisfaction with instant pay and their willingness to pay a fee for the option. It provides insight into how senders can better meet the consumer demand for instant disbursements. Download the report to learn more.
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