Half of US foreign transfer users want to use mobiles for real time payments

Over half of US consumers transferring money abroad want to be able to use their mobile phones for real time payments, a study has shown.

Over half of US consumers transferring money abroad want to be able to use their mobile phones for real time payments, a study has shown.

FIS, who commissioned the banking behaviour study, said it showed that mobility was important in engaging customers in real time payments, with 52% of foreign transfer users and 45% of P2P users wanting to make immediate payments on their phones.

Anthony Jabbour, executive vice president of North American financial institutions at FIS, said: "Real-time payments are clearly the future of money movement, according to the consumer demands laid out by our data.

"As the research has shown, people trust their financial institutions to bring them real-time payment solutions, but they will use other avenues if their bank can’t meet their needs. For that reason, financial institutions must adapt to keep step with their customers and not fall behind non-bank competitors."

80% of foreign transfer users rated faster payment as important and 41% of P2P users wanted recipients to be able to access funds immediately.

 

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