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December 10, 2019

MetaBank’s Webb predicts a year of faster payments in 2020

By Curtis Webb

From Curtis Webb, Vice President, Emerging Payments – Product Management at Meta Financial Group and MetaBank, predicts that consumers will expect lightning-fast payments in 2020.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
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Faster Payments. Even more so than before, we predict faster payments will explode in popularity. The ubiquity of faster payment tools PayPal, Venmo and Zelle for peer-to-peer transactions will likely hold steady, or possibly increase.

But consumers expect lightning-fast payments for business-to-consumer transactions, too — and our research indicates we’ll see more companies adopt this innovation.

Per a recent study from MetaBank, Faster Payments: What Consumers Want from Businesses in 2019, companies that meet this consumer demand have a lot to gain — two in five Americans would be more willing to do business with a company again that offers a direct deposit option they’d receive in a few days.

But that willingness increased to about half (47%) for direct deposit options available in minutes. And faster payments have the potential to drive new business, too, as a small but mighty 13% reported they’d be willing to switch insurance providers to one who offered faster payment of their claims.

All-in-all, the study made it clear — consumers want seamless, instant options to spend, receive and move money. In 2020, we forecast businesses will continue to respond to this demand.

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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