Study: Real-time payments on pace to replace payment card usage
As new real-time payments infrastructure continues to be adopted, payment card usage will eventually fall by the wayside.
Based on the operational and cost benefits of real-time processing and settlement of payments, a majority of retailers (77%) believe that this option will replace the use of payment cards over time, according to “2018 Global Payments Insight Survey: Merchants,” from ACI Worldwide.
This sentiment is echoed globally. Despite their reliance on plastic cards in the marketplace, 77% of companies in the United States agree that real-time payments will eventually replace payment cards. A whopping 100% of merchants in the Netherlands agree, following the country’s success with online banking payment schemes.
Seventy eight percent of merchants believe real-time payments can help lower costs, a more than 20% increase from 2017 (57%). Meanwhile, 78% of merchants now believe real-time payments will deliver improvements in customer service. This is up from 59% in 2017.
Retailers also expect real-time payments to deliver enhancements to their customer experiences (82%). In Asia specifically, 82% of merchants are most positive about real-time payments delivering enhancements to their customer experience. In India, Malaysia and Thailand, more than 90% hold this view.
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