Financial Pressures Drive 1 in 4 Consumers to Demand Instant Disbursements
Speed, certainty and convenience — these are the driving forces behind the explosive growth of instant payments. In fact, consumers are 10 times more likely to receive nongovernment disbursements instantly than they were in 2017. Many no longer just prefer instant payments — they need them. One in 4 say they require their disbursements within 30 minutes or less, and when urgency strikes, 20% are willing to pay a substantially higher fee to receive their funds immediately.
How those payments are received matters, too. Bank deposits remain the preferred method for instant payouts, but digital wallets, particularly PayPal, are rapidly gaining ground. With instant payment satisfaction rates 18% higher than traditional methods, businesses that fail to offer seamless, real-time options risk losing customers to those that do. Whether it’s income disbursements, loan payouts or insurance claims, consumers now expect immediate access to their money, and they’re choosing providers who can deliver.
These are some of the findings explored in “Digital Transformation and Instant Payments Fuel Business Disbursement Efficiency,” a PYMNTS Intelligence and Ingo Payments collaboration. This report is based on a census-balanced survey of 4,416 U.S. consumers conducted between Jan. 9 and Jan. 27. 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 eighth year we have conducted this study, providing insight into consumers’ growing interest in instant disbursements.
Inside “Digital Transformation and Instant Payments Fuel Business Disbursement Efficiency”
- Learn more about the urgency behind instant payments and what’s fueling consumer demand
- Explore the shifting landscape of payment preferences, from bank transfers to digital wallets
- Discover why consumers are more satisfied when they receive instant payments across multiple disbursement types
- Gain insight into why consumers are willing to pay for speed, especially in financial emergencies
Download the Study Digital Transformation and Instant Payments Fuel Business Disbursement Efficiency
The report explores consumers’ increasing use of instant payment methods for the disbursements they receive from nongovernment entities. Featuring 11 charts of insightful data detailing the growing need to receive funds urgently, this study explores consumer satisfaction with instant pay and recipients’ willingness to pay a fee for that option. It provides insight into how senders can better meet the growing consumer demand for instant disbursements. Download the report to learn more.
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