As consumers and businesses in the U.S. continue to migrate from paper to electronic payments, Curinos has identified several telling trends from its TM Analyzer database:
- From May 2022 to November 2023, real-time payments (RTP) volumes increased a whopping 60%, while same-day ACHs increased by 28% and ACH volume grew by 23%. In contrast, check volumes decreased by 1% with lockbox volumes down by 8% (see chart).
- But while check volumes may have decreased, revenue associated with check processing services increased because of upward price adjustments. The economic benefits, however, may be short-lived: This increasing cost of check services is likely to only accelerate the migration to ACH products.
- The 60% increase in real-time payments is impressive, but fully 90% of this volume originates from just 1% of bank customers. That means there’s significant room to grow as more commercial customers adopt real-time payments as a payment alternative.
Growth In Payments Methods – May ‘22 To Nov ‘23
Growth of electronic payments continues to dwarf that of paper-based processing.
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