U.S. Real-Time Payment Volume Growing More Than Ever

Monday, June 1st, 2020

The U.S. real-time payment volume has been increasing in recent years. Now, the COVID-19 virus has accelerated the growth even more. If real-time payment transactions are the topic you’re interested in, go on reading this blog post.

Real-Time Payment Volume Increasing Rapidly

The situation caused by the coronavirus resulted in higher demand for real-time payments, thus making this type of payment urgent. That’s with good reason: not only shopping purchases but also bill payments play a significant role in the life of consumers and small businesses.

The U.S. has witnessed a particular rise in interest towards faster payments. Thus, the role of payment processing companies has grown more than ever before. Working with a reputable credit-card processor is critical to your success, so get down to finding a real pro. Consider turning to a respectable comparison expert in the U.S. like BestPaymentProviders.com.

Best Payment Providers U.S. is particular about the terms, complaints, and the integration process offered by credit card processing companies. BestPaymentProviders.com is dedicated to providing the most unbiased review of processors at the time of writing.

Faster Payments Are Gaining Traction

In the U.S., 74.1% of transactions had to do with electronic payments in 2019. Only ¼ were associated with paper-based transactions. Immediate payments accounted for 0.3%.

Below, you can find the main drivers of real-time payments’ success:

• The need for payment modernization is growing
• Experience of seamless and integrated payments with rich overlay services
• Ecosystem connectedness is enriching the user experience
• More mature digital payments and deep-rooted payment habits
• Willingness to use alternative payment methods

In the U.S., the volume of real-time payments was 734 million in 2019. The coronavirus-related events have put online payments in the center of attention. People and businesses need faster access to funds like never before.

So, faster payments are gaining traction among people and businesses all over the world. Situations like the ones created by the coronavirus highlight the need for speedy payments. It’s become more important than ever to work with a true payment processing specialist to enjoy the best for your business needs.