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Rising Demands for Mobile P2P WHAT's INSIDE FEATURE STORY NEWS & TRENDS Feature Story FIs on catering to older generations’ growing mobile P2P needs – p. 7 News & Trends PayPal taps RTP to support instant transfers between Venmo, bank accounts – p. 11 Deep Dive The advantages and risks of real-time push payments – p. 15 SEPTEMBER 2019 MEETING OLDER GENERATIONS’ Rising Demands For Mobile P2P WHAT'S INSIDE FEATURE STORY NEWS & TRENDS Financial services providers Kristy Brandon, Comerica Recent faster payments compete to provide SMBs Bank’s senior vice president headlines, including how with quicker settlements and of eBanking, explains the Southwest Airlines came to consumers with rapid mobile growing demand for rapid P2P accept Apple Pay and J.P. payments payments among Generation X Morgan’s announcement and baby boomer consumers of same-day settlement for credit card payments 03 07 11 DEEP DIVE SCORECARD ABOUT An in-depth exploration of The results are in. See the Information on PYMNTS.com how push payments speed top scorers and a provider and Fiserv transactions, and the risks directory featuring 55 players and benefits of using them for in the space, including four real-time payments additions 15 17 47 Table of CONTENTS The Faster Payments Tracker is powered by Fiserv, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. 2 | © 2019 PYMNTS.com All Rights Reserved What's Inside Slow payments hit micro- and small businesses es- The September Faster Payments Tracker examines new pecially hard as they tend to have fewer resources efforts to serve SMBs with quicker transfers as well as and smaller financial buffers than their larger counter- other recent developments from around the space. parts, making cash flow monitoring critical for survival. Financial services providers have taken note and are AROUND THE FASTER increasingly competing to win customers by targeting PAYMENTS WORLD slow settlement pain points. SMBs in Nigeria can more quickly receive custom- ers’ payments thanks to the Nigerian branch of Financial firms around the world are working to provide pan-African banking group Ecobank, which offers a small and medium-sized businesses (SMBs) with rap- digital payments and collection service that enables id access to funds, and digital and challenger banks customers to make QR code and unstructured supple- are partnering with technology providers to trim settle- mentary service data (USSD)-based mobile payments ment timelines for point-of-sale (POS) payments from in retail stores. Merchants instantly receive revenues two- to four-day waits to next-working-day availabili- from these transactions. Ecobank recently announced ty. Legacy banks are also joining the faster-settlement that the service, EcobankPay, has processed a total of pursuit, working to get ahead of competing FinTechs by 1 billion NGN ($2.75 million USD) in payments since its offering no-fee same-day credit card deposits, for ex- February debut. ample, while other players take aim at accelerating SMB transactions for cross-border business-to-business Airlines are also seeking to give customers options (B2B) payments. Forthcoming solutions intend to sup- for making fast mobile payments. Southwest Airlines port faster, smoother fund transfers between vendors recently signed an agreement with two payments com- in different regions to elevate business payment expe- panies that will allow it to accept Apple Pay. Customers riences, keep cash flows moving and maintain strong will be able to use the mobile wallet to purchase tick- relationships. ets and other services. Christopher Priebe, Southwest’s © 2019 PYMNTS.com All Rights Reserved | 3 WHAT'S INSIDE WHAT'S director of treasury, payments and risk, said the move SERVING GENERATION X, BABY is important to keeping the airline current with the lat- BOOMERS’ RISING DEMANDS est payment trends. FOR FASTER P2P PAYMENTS Studies show that middle-aged and older consumer Demand for mobile payments is not limited to groups increasingly demand P2P services as more of consumer-to-business (C2B) transactions, especially them now own smartphones. For this month’s Feature as consumers increasingly use their smartphones to Story (p. 7), PYMNTS spoke with Kristy Brandon, se- send money to their peers. PayPal is looking to keep nior vice president of eBanking at Comerica Bank, those consumers on its person-to-person (P2P) pay- about what is driving the high uptake of such services ments app, Venmo, by offering new capabilities, such among Generation X and baby boomer customers at as instant transfers to bank accounts. This feature the bank, as well as what it takes to keep instant P2P will utilize The Clearing House’s (TCH’s) Real-Time transactions secure and easy to use. Payments (RTP) rail and cost users a 1 percent fee based on the transaction value. To learn more about these stories and other faster payments headlines, check out the Tracker’s News and Trends section (p. 11). 4 | © 2019 PYMNTS.com All Rights Reserved Executive DEEP DIVE: THE BENEFITS AND INSIGHT CHALLENGES OF REAL-TIME PUSH PAYMENTS Push payments, which see payers telling their banks to move funds from their accounts into those of their recipients, are often seen as more secure than pull What should insurance companies keep in payments because they do not require the former to mind as they strive to accelerate their claims reveal bank account numbers or other sensitive data. Real-time payment systems tend to permit only push and payouts processes? How important are payments because of the perceived lower risk, but faster insurance disbursements? that does not mean these options are without issues. This month’s Deep Dive (p. 15) examines the benefits “We have entered a time in which fast, digital and of using push payments in faster payment solutions, real-time payments are becoming the norm. Money as well as the challenges and security needs that can move quickly and digitally, whether you’re paying must be met. your rent, your Uber driver or a friend. Insurance dis- bursements can no longer be an exception; there is a time-sensitive component to many of these payments THE LATEST UPDATES TO that heightens their urgency and, frankly, customers THE PROVIDER DIRECTORY INSIDE WHAT'S expect speed. Insurance companies are responding The month’s Faster Payments Tracker profiles 55 [by] implementing changes and new technologies to players in the space, including four additions: Briisk, expedite claims processing and ultimately drive cus- Curve, Nubank and SatoshiPay. tomer satisfaction. It’s critical that insurance companies don’t overlook the actual payout — the payment is the final key step in the claims process. It’s ultimately what customers are looking for, and thus it will leave a lasting impact. The good news for insurance companies is that pay- ments technology has advanced significantly. From a cost perspective, competitive payment technologies and rails have led to more choice, thereby allowing for per-transaction cost savings. Feature-rich vendor solutions enable insurance providers to outsource much of the process, and customer comfort with digi- tal payments translates to fast adoption.” TAMMI SHAPIRO INSIDE WHAT'S vice president of electronic payments product strategy at Fiserv © 2019 PYMNTS.com All Rights Reserved | 5 $2.75M Value of payments Ecobank Nigeria’s instant digital payments and collections service has processed 40M 70% Number of active Venmo Share of transactions that WHAT'S INSIDE WHAT'S accounts Saudi Arabia intends to make digital by 2030 10M 5 Number of Japanese Seconds it takes for consumers who use Indian funds to be credited mobile payments company to recipients’ accounts Paytm’s PayPay app under the Dutch Instant Payment system 66 | |© © 2019 2019 PYMNTS.com PYMNTS.com All All Rights Rights Reserved Reserved © 2019 PYMNTS.com All Rights Reserved | 6 FEATURE STORY MEETING OLDER GENERATIONS’ Rising Demands For Mobile P2P © 2019 PYMNTS.com All Rights Reserved | 7 Feature Story Mobile P2P payments have long been considered the It may thus be no surprise that a Q4 2018 survey domain of millennials, but these 25- to 34-year-olds found more than half of first-time P2P service us- are not the only generation embracing this technology. ers were at least 45 years old. FIs are seeing these FIs looking to cater to older demographics may find trends firsthand as they work to serve customers of the time is ripe to bring P2P to Generation X (those all demographics. PYMNTS recently caught up with aged 43 to 54) and baby boomer (aged 55 to 73) con- Kristy Brandon, senior vice president of eBanking at sumers, critical bases for many banks. American Dallas-based Comerica Bank, on serving this bur- Bankers Association research shows that adults over geoning group. The FI reports about $72 billion in the age of 50 were responsible for 70 percent of de- assets and serves a customer base that includes a posits made in the U.S. and owned 61 percent of bank larger share of individuals aged 45 and up compared accounts in 2017. to its peers, Brandon said. Comerica partnered with fi- nancial services technology provider Fiserv in spring Technology use has been rising outside the millenni- 2018, enabling it to offer Zelle through its mobile al age group, meaning that financial institutions (FIs) banking app. The solution’s popularity has since ris- can increasingly expect middle-aged and older con- en among customers. sumers to be ready and able to take advantage of mobile services. A survey conducted earlier this year “Our 55 and older customers are very active in Zelle,” found that 53 percent of U.S. adults age 65 and old- Brandon said. “The fact that we’ve had such great er own smartphones — a significant jump over the 42 adoption shows how, for something like Zelle, it percent who owned them in 2016 and the 18 percent doesn’t matter what your demographic is — everyone who did in 2013.
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