Why Digital Disbursements Need More Than Speed
March 18, 2019
When it comes to payments, consumers overwhelming prefer them to be faster. It’s a trend visible in the latest edition of the PYMNTS/Ingo Money Disbursements tracker, where three-quarters of consumers responded that they actively wanted faster payments.
It is also the conclusion of common sense, Ingo CEO Drew Edwards noted in a recent conversation with Karen Webster. He noted that while every contractor and service provider in his life prefers a different payment method — checks, cash, credit cards, PayPal, Zelle, etc. — they are all in united agreement that they’d like to be paid as soon as possible.
The surprising part of the data isn’t the overwhelming majority of consumers who prefer faster payments, Edwards said, it’s the size of the minority who don’t seem to care about it.
- // TAGGED
With the new year comes new expectations for FinTech firms.
Recent PYMNTS data finds that fraud losses run about 2% of revenues — $51 million annually for the average FinTech.
The Power of Open-Loop P2P Payments
The FinTech Fraud Ripple Effect details the frictions customers experience when using FinTechs for their money mobility needs.
With more workers living paycheck to paycheck, having fast access to their hard-earned cash is crucial.