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.
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.
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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.
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