The popular conception of a household living paycheck to paycheck may be one of poverty. The reality is that a large share of households representing all economic strata live this way. A recent PYMNTS study found that 48% of high-income households live paycheck to paycheck....
India’s monthly Unified Payments Interface (UPI) transaction count has topped 9 billion in a single month. The real-time payments system’s transaction count hit 9.41 billion in May, up 58% year over year, the National Payments Corporation of India (NPCI) said in a Thursday (June 1) tweet. It’s 9 Billion+ transactions...
Each country implementing real-time payment methods has to balance various factors, including its banked population, the current favored payment schemes of the populace and penetration of digital payment methods, among many other variables. This month PYMNTS explores the state and future of real-time payments in...
The shift toward real-time payments won’t doom batch payments to extinction. There’s room for co-existence, Mark Staunton, head of customer success in North America at Form3, told PYMNTS, even when FedNow launches in the United States in just a matter of weeks. An example has been set in the...
Instant payments are quickly growing in popularity in the United States and abroad, but their adoption has often been hampered by a need to interface with customers’ preferred financial institutions (FIs). Customers are then faced with a difficult choice: abandon their current bank in favor...
In Europe, where real-time payments adoption has seen historic growth in recent years, Greece joins countries like the U.K., Sweden, the Czech Republic and Hungary that have developed domestic payment systems to complement the existing pan-European Single Euro Payments Area (SEPA) Instant Credit Transfer scheme, also known as SCT Inst. The...
Open banking could unlock the next step in real-time payments’ evolution by bringing them directly to consumers through banks’ APIs — but acceptance in the U.S. will require a concerted effort between the industry and policymakers, says Akoya’s Anil Mahalaha.
The age of banker’s hours may finally be ending. Drew Edwards, CEO of Ingo Money, and Jon Briggs, head of KeyBank’s commercial product and innovation in KeyCorp’s payments business, told Karen Webster in a panel discussion that there’s been a great divide between the experiences digital-only customers and...
Open banking and instant payments are two of the most exciting trends in digital banking today. Both of these services improve the financial lifestyles of consumers and businesses. While instant payments’ benefits for end users are obvious, open banking is slightly more esoteric. Open banking...
