When consumers are offered the option of receiving instant payment, they tend to accept it gladly. Research shows that 90 percent of consumers think getting paid faster is better than getting paid more slowly. But most of the time, they simply aren’t getting the choice, Ingo Money CEO Drew Edwards and Mastercard’s Sherri Haymond, executive vice president/digital partnerships, said in a recent discussion with Karen Webster.
Although PYMNTS/Ingo data found that fewer than 10 percent of consumers would rather receive checks than instant payments, checks are often the only option for corporate payouts, insurance disbursements or payroll payouts.
But the pressure is on to change that, initially created by digital-first firms that have pushed rapidly into instant disbursements because they weren’t tied to old, paper-based, batch-dependent legacy systems. And the past eight months of a rapidly digitizing economy amid COVID-19 have drastically accelerated that.
Read the complete article and watch the video at pymnts.com