Curious about what’s fueling the rise of faster and instant payments—and what’s next in consumer payment trends?  

A recent survey conducted by Federal Reserve Financial Services (FRFS) reveals that financial institutions can use instant payments to attract new customers, elevate satisfaction, and reduce the risk of losing valuable relationships. 

A few notable findings from the survey include the following:  

• 78% of consumers chose faster payments as a preferred option,and half held balances at nonbank providers.
• 6 in 10 consumers state thatit’simportant for their financial institution to offer instant payments.
• Benefits like24/7/365functionality (42%), simplified sending (30%), and immediate notifications (27%) are among the top reasons why consumers are adopting instant payments.
• Around 70% of consumers prioritize person-to-business payments, such as last-minute bill pay and ecommerce.

For more details on the rise in instant payments adoption and to delve into additional trends in the consumer payment space, you can download the complete survey here.