Findings from corporate and consumer surveys conducted by Federal Reserve Financial Services maintain businesses and consumers are using faster payments and prefer accessing faster payment services through primary financial institutions.
“Access to faster payment options, including instant payments, is now seen as indispensable rather than a nice-to-have,” Federal Reserve Financial Services Head of Industry Relations Connie Theien said. “Given the move to a 24/7 economy and strong, growing use of faster payments, it is timely that the Federal Reserve’s FedNowSM Service will be available in July for financial institutions of all sizes to use to provide instant payment services to their customers.”
According to Federal Reserve Financial Services, the FedNowSM Service is an instant payments infrastructure that will become part of the FRFS product offering.
With regard to the Business Research Brief, officials noted a total of 2,003 surveys were completed in 2022, covering a mix of segments stratified by revenue size and industry, ranging from less than $1 million in annual revenue to more than $250 million.
Additionally, the Consumer Research Brief survey sample included 2,002 adults stratified by age and income in the United States, Federal Reserve Financial Services indicated.
According to Federal Reserve Financial Services, survey results showed 70 percent of businesses and consumers indicate it is important that their primary bank or credit union offer faster payments, including nearly 80% of consumers under 55 years old who want and expect the financial institution(s) they use to offer faster payment services; 66 percent of businesses and 61 percent of consumers revealed they are likely to use faster payments more often in the future; and 57 percent of consumers surveyed expressed interest in using faster payments to pay friends and family, representing an increase of 52 percent from 2021.