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15% of businesses use real-time payments

According to “Real-Time Payments: The fast track to the future of business payments”, a collaboration between PYMNTS and The Clearing House based on a survey of 100 executives.

Get the report: Real-time payments

Of the companies surveyed that use real-time payments, 14% of their payments are made and 9% are received via real-time payments. However, the percentages vary widely by industry.

Business leaders who use real-time payments in three of these sectors indicated that rreal-time payments accounted for a double-digit share of the total payments they made last year, with those in wireless communication reporting 20%, utilities reporting 14% and financial services reporting 12%.

In the distribution industry, only 5% of their payments were made using real-time payments.

Of all the businesses surveyed — including those that currently use real-time payments and those that don’t — none of the industries said that real-time payments accounted for more than 1% of total payments made the last year.

When it comes to payments received, businesses that use real-time payments in a single industry reported that real-time payments accounted for a double-digit share of total payments received last year, with wireless communications reporting 14%.

The share of payments received in real time was 8% in utilities, 6% in financial services and 5% in distribution.

Across all companies surveyed – including those currently using real-time payments and those that don’t – those in the wireless industry said real-time payments accounted for approximately 3% of total payments they received last year. In the other three industries, the percentage was no more than 1%.

Although the overall proportion of payments made in real time is still somewhat limited, businesses that understand that the myriad benefits outweigh the costs and quickly adopt this mode of payment should reap the benefits that this payment offers.

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