Welcome to "Innovating Payments Top Three News Headlines." In today's issue, we look at new PYMNTS data that shows more than 41 percent of consumers would prefer to do business with a company that lets them use voice commands to manage money or payments. We also look at what JPMorgan's request-for-pay services mean for real-time payments. Finally, we highlight how the role of payments is rapidly evolving and how new and different business models are emerging, all underpinned by digital payments.
Read on to learn more.
1. New PYMNTS Data Show Voice-Enabled Commerce Is a Business Winner For 40 Pct of Consumers (PYMNTS.com)
When it comes to making payments, moving money and the voice-activated devices that can facilitate those verbal transactions, the people have spoken. Or...at least they would like to. We mean that literally. Recent PYMNTS research found that, across nearly 3,000 consumers, more than 41 percent would be more likely to do business with a company that would let them use voice commands to manage money or payments. Read more
2. What JPMorgan's New Request for Pay Service Means for Real-Time Payments (Insider)
JPMorgan launched request for pay, a service that lets corporate clients avoid card network payment processing and other third-party services by sending payment requests directly to the roughly 57 million retail customers who use the bank's app or website, per Reuters. Why it's worth watching: Demand for faster payments became more pronounced during the pandemic-businesses and consumers needed to access their funds faster, and paper checks, cash, and other traditional payments weren't cutting it. Read more.
3. The Fundamental Role of Payments is Rapidly Evolving (Payments Journal)
Just a few years ago, having a recognized brand and a loyal customer base used to be key indicators of a payments company's strength. However, relying only on these put many established players in a difficult spot over the past 18 months. Instead, the COVID-19 pandemic favored the most digitally-forward, especially those who demonstrated an ability to rapidly pivot and adjust to what has become one of the key new realities of commerce-the need to orchestrate demand and supply-side ecosystems at scale. Read more.
Does your financial institution have plans to implement voice-activated payments? How can real-time payments strengthen your corporate client relationships? Finally, according to the Payments Journal, the "COVID-19 pandemic favored the most digitally-forward." How has the pandemic changed or accelerated your plans for digitization?
Check back soon for our next issue, which will again highlight the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.