The US Faster Payments Council (FPC) has announced that it released its 2024 U.S. Instant Payments Adoption Quantitative Study, a survey of US-based third-party enablers to financial institutions.

As part of the 2024 U.S. Instant Payments Adoption Quantitative Study, the FPC, which is a membership organisation focusing on advancing safe and faster payments across the US, surveyed third-party enablers to financial institutions. Cooperatively, respondents to the study serve over 90% of US financial institutions and offer insights into the expected expansion of instant payment adoption over the next five years. Moreover, the study, which took place between 25 July 2024 and 20 August 2024, included responses from 25 third-party enablers, including payment processors, gateways, digital vendors, bankers’ banks, and corporate credit unions.

The survey measured industry perspectives on instant payment adoption, potential difficulties, and anticipated benefits through 2028. The study also saw contributions from the Federal Reserve Financial Services, a founding sponsor of the FPC, with the company supporting the implementation and analysis. Findings from the FPC’s study When commenting on the release of the study, representatives from the FPC mentioned that the results underline the momentum within the payments industry.

By adopting instant payments, financial institutions are set to improve user experiences while also fostering increasing competition, innovation, and inclusion in financial services. Additionally, the FPC underscored its commitment to addressing potential difficulties and supporting faster payment solutions. The study analysed how various factors, such as use cases, benefits, and industry difficulties, are influencing the future of instant payments. Some of the findings highlighted by the FPC include that survey respondents believe that between 70-80% of financial institutions are projected to receive instant payments by 2028, while 30-40% are set to have the ability to send instant credits by the same period.

In addition, early adoption drivers include earned wage access, wallet funding, P2P, marketplace and brokerage payouts. At the same time, mid-term use cases like B2B payments and online banking bill pay are projected to scale broader adoption. .