Fast Payments Tracker - January Edition
Published: January 1, 2016
PYMNTS.com January 2016 issue of Faster Payments Tracker with a featured article on Same Day ACH and how it will guarantee ubiquity of access and functionality across all financial institutions.
As 2015 came to a close and 2016 begins anew, one thing was clear: the topic of faster payments was not the same old, same old of prior years.
Why do we care about faster payments? In a world full of cards, moving more and more to digital payments, isn’t swiping or tapping or dipping or “pressing” fast enough?
Well, sometimes no. Because cards and mobile phones sometimes don’t work. For one thing, the fastest payment most widely used for P2P is still good ol’ fashioned cash. Pay the babysitter? Cash. Tip the doorman? Cash. Give your teenager some money for the weekend? Cash. Split the bill at dinner? Cash. Why? Because it’s still the fastest form of payment and most ubiquitous between two people.
There are also instances when payment just needs to get there NOW and cash isn’t possible, or secure. The bill is due TODAY. Not tomorrow. Not two days from now. NOW. The postmaster won’t get it there in time and they don’t take cards online for immediate payment...