Real-time payments are becoming more mainstream and normalized for organizations and their clients, inclusive of individual consumers and other businesses. When real-time payments were first emerging, many use cases revolved around late payments or urgent payments with time-sensitive circumstances. While this is a good use case for real-time payments, it is actually only one of the minor use cases. About half of businesses still view this as a primary use case for real-time payments, but other benefits are expanding the potential use cases.
In addition to starting to recognize and realize the operational efficiencies of real-time payments, over two-thirds of businesses are utilizing real-time payments to provide a superior experience for the recipients of those payments. For businesses that are not already utilizing real-time payments through their financial services provider, there is a real risk of competitive disadvantage. This is because the satisfaction of recipients has become critical to healthy business partnerships.
While all payment types can benefit from incorporating real-time payments, the most common use cases of real-time payments are when businesses are transacting with individual consumers. This is because the notion and acceptance of real-time payments started with person-to-person payments. Having instant access to funds became an expected outcome of payments. The evolution from business-to-consumer to consumer-to-business and, finally, business-to-business payments is well underway, with use cases spanning all of these scenarios.
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