Welcome to Innovating Payments Top 3 News Headlines for the Week of April 21, 2024. In this issue, the RTP® Network set numerous records in the first quarter of 2024. The network experienced a record 76 million transactions in the first quarter, valued at $42 billion. In other news, a recent report reveals that nearly half of credit unions have no plans for Buy Now Pay Later (BNPL), despite member demands. The Faster Payments Council also released a report on QR codes' role in the last mile of faster payments at the point of sale.
Read on to learn more.
1. RTP® Network Breaks Instant Payments Records (The Clearing House)
Consumers and businesses took advantage of instant payments through The Clearing House RTP® network, which resulted in numerous records set in the first quarter of 2024. The network experienced a record 76 million transactions in the first quarter, valued at $42 billion. March was also a record month with nearly 27 million transactions, and March 1st is now the single day with the most transactions at over 1.25 million. (Read more.)
2. Nearly Half of Credit Unions Have No Plans for BNPL, Despite Member Demand (PYMNTS)
Credit unions (CUs) are continuing to win over members, with roughly 1 in 5 current CU members telling PYMNTS Intelligence they've changed primary banks last year. This is just one important finding included in "Growing Credit Union Membership via Lending and Omnichannel Banking Innovation," a collaboration with PSCU that provides insights on how CUs are working to win over new members - as well as areas where they appear to be missing the boat entirely. (Read more.)
3. U.S. Faster Payments Council Releases Report on QR Codes' Role in Last Mile Adoption of Faster Payments at the Point-of-Sale (U.S. Faster Payments Council)
The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, is pleased to announce the release of its latest report, How QR Codes Address 'the Last Mile' Adoption of Faster Payments at the Point-of-Sale. Authored by the FPC QR Code Interface Work Group, this in-depth study provides valuable insights into the pivotal role of QR codes in accelerating faster payments adoption, particularly at the point-of-sale. (Read more.)
How is your financial institution using the real-time payments network, if at all? What steps is your credit union taking to win over new members? What insights can you glean from the U.S. Faster Payments Council's latest report on QR codes?
Check back soon for our next issue, highlighting the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
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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.
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