According to PYMNTS research, a surprising 36.2 percent of consumers claim to have used real-time payments even though the methods they use either do not support real-time payments or are not made in real time.
Why the lack of understanding? It’s possible that it occurs in part because payers receive instant confirmation upon making a payment, regardless of the method used and the time it takes for the receiver to access funds. But regardless of the reason the gap exists, it is clear that more work needs to be done to educate customers about the process and possibilities of real-time payments.
The gap was one of the topics addressed by a panel of industry experts assembled by PYMNTS to discuss what financial institutions (FIs) and credit unions (CUs) can do to accelerate the embrace and usage of true real-time payments.