Countries Covered: USA
Publication Date: 12/01/2021
Questions Covered in the report:
- What are the main drivers and challenges for real-time payments adoption?
- How large is the share of finance professionals in the USA who are in the process of implementing RTP?
- What are the top reasons for using real-time payments for corporate decision-makers in the USA?
- What is the share of businesses that expect real-time payments to transform enterprises?
- How the share of RTP in the USA is expected to change by 2024?
Amid COVID-19, real-time payments attract close attention of the US enterprises
United States’ entrepreneurs are highly interested in implementing RTP
In 2020, the term “real-time payments” has been all over media and business discussions not only in the United States, but around the globe. During the COVID-19 pandemic, more than eight in ten corporate business decision-makers in the US expected the instant payments to alter the way business operates in the near future, and an even a higher share of finance professionals planned to implement this type of payment processing by 2023. The top reason to do so was to increase the accuracy of cash-flow management, as detailed in the yStats.com publication.
In the near future, the US is expected to lag in terms of RTP value
However, despite the accelerated demand for real-time payments in the US, the country is expected to lag behind other leading economies in adoption. In terms of total transaction value, globally RTP is forecasted to undergo a more than five-fold surge by 2025. With that, the United States’ share is expected to be rather marginal, taking into account the overall size of the economy, according to figures cited in the new yStats.com report. Nevertheless, this may change when the Federal Reserve System’s projected FedNow service becomes a reality.