Qatar Islamic Bank (QIB) has added a “request payment” feature to its instant payment service. The new feature, announced Monday (July 22), lets customers request a payment from a registered user on its Fawran — Arabic for “instantly” — service through the bank’s mobile app. “As part of QIB’s...
The RTP network set records in terms of both the number of transactions and the value of payments it enabled in the second quarter. The instant payments system operated by The Clearing House allowed consumers and businesses to send 82 million transactions valued at $55...
Overpayment disbursements — rebates, rewards, refunds, etc. — may not come to mind when considering a consumers’ overall cash flow, but, when these overpayments are issued, consumers want them quickly. Only about 71% of consumers receive some form of refund disbursements, with the average payout...
In recent years, instant, P2P payments have seen a surge in adoption, emerging as a popular method for consumers to receive funds and make personal transactions and purchases. At the same time, smaller businesses have gravitated toward instant payments because they appreciate the speed, convenience...
Citi introduced Real-Time Funding (RTF), part of its real-time treasury solutions for corporate customers. “Citi RTF enables the automated movement of funds between cross-border accounts based on predefined rules set by the client, helping them ensure that cash is available when and where it’s needed,”...
Life as a freelancer is not for the faint of heart. Freelancing often requires constant hustling, as these workers generally look for new projects even before current projects are completed. And concerns about getting paid add to the aggravation. After all, people who work on...
Forty percent of the independent mom-and-pop restaurants in the U.S. that generate $10 million or less annually now use instant payment rails as their primary method to send funds. And these restaurateurs are pleased with the results, according to PYMNTS Intelligence data. Seventy percent say...
While instant payments might seem like an innovation that only big companies would embrace, these types of expenditures are gaining traction with many mom-and-pop eateries. The PYMNTS Intelligence report “Small Business Real-Time Payments Barometer: Restaurants Edition” found that the number of restaurant small- to medium-sized...
Who doesn’t like getting paid instantly? According to PYMNTS Intelligence data, roughly a third of all U.S. consumers now select instant payouts when they are available, and even more tellingly, 78% would choose instant payments if given the option. But for some U.S. consumers, getting...
