Last year, $328 billion was transferred via digital, peer-to-peer faster payment options PayPal, Venmo and Zelle. As our culture becomes more on-demand, these payment methods are exploding in popularity. With this trend comes a growing consumer demand to receive payments from businesses more quickly. According to new research, there’s an opportunity for companies to grow their business, simply by rethinking the ways they’re making these consumer disbursements.
Faster payments allow businesses and payment service providers to push funds to consumers in near real-time. They enable direct deposit of business-to-consumer (B2C) disbursements like rebates, refunds, insurance claims and tax refunds within a few days or even minutes. Worldwide, the industry is worth $6.8 billion but is set to reach $25.9 billion by 2023.