When Quick isn’t Quick Enough: Welcome to the New Era of Instant Payments

When Quick isn’t Quick Enough: Welcome to the New Era of Instant Payments

Driven by consumer preferences and emerging fintech capabilities, we are seeing a shift in demand from fast to instantaneous disbursement capabilities

In the realm of financial transactions, the prevalence of instant payments has seen a steady rise, particularly in the US. An increasing number of consumers are receiving at least a portion of their financial disbursements via instant payment methods. As this trend continues, the expectation and demand for such services are also escalating. For an expanding demographic of consumers, it’s no longer sufficient for businesses to offer instant disbursements as a premium service or in exchange for personal banking information. The key to fostering customer loyalty and meeting consumer expectations now lies in providing instant disbursement experiences without any hidden conditions.

Despite the growing adoption of instant disbursements, consumers seem to have fewer choices in receiving them than they did a year ago. In fact, consumers are being offered less choice in disbursement receipt overall, regardless of their preferred method. Research from The *Disbursement Satisfaction Report of 2022, a joint effort by PYMNTS and Ingo Money, indicates that consumers were allowed to choose their method of disbursement receipt for 68% of the disbursements they received in 2022, marking a 3.5% decrease from the previous year.*

"47% of all consumers stating they would opt for instant disbursements if given the choice."

Interestingly, even the act of providing account information is more than many consumers are willing to do for access. The research shows that only 38% of consumers would opt for immediate payment options, such as mobile wallet transfers, if they had to provide account information first, a 7% drop from the previous year.*

The demand for instant payment options far exceeds the current market supply, with 47% of all consumers stating they would opt for instant disbursements if given the choice.*

This discrepancy highlights a significant opportunity for growth in this space for senders willing to provide such options.

When instant options are not available, consumers generally opt for the closest possible alternative. In practice, this often means that they choose to receive funds via same-day account transfer. In 2022, 28% of consumers opted for alternatives when instant options were not available, making it the most likely choice over any other method.*

As we navigate the intricate landscape of financial transfers, it’s clear that instant payments are no longer an added bonus, but a fundamental expectation. This evolution calls for businesses to not just adapt, but to fully embrace this shift, integrating instant disbursements as a standard practice. This is not merely about meeting consumer expectations; it’s about forging a stronger bond of loyalty with customers through modern payment processes and technology.

*PYMNTS. (2022, September 21). Disbursements Satisfaction Report 2022. PYMNTS. Retrieved August 9, 2023, from

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About SKUx

SKUx powers product-based payments at the speed of today’s consumer. We deliver seamless consumer engagement through a patented platform that combines first-party data, mobile branding, offer serialization, secure digital payments, and settlement to deliver incremental revenues and real-time transparency for merchants, brands, and payment partners.