The State of Payment Transaction Types

How Innovation and Competition Are Reshaping P2P, Remittance, Bill Pay, Payroll, and B2B Transactions

Report by David Morris  | Apr 26, 2024

The Payments Ecosystem 2024

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The Key Trends Changing How Providers Compete for Customers and Transactions

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Executive Summary
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Table of Contents
Executive Summary
Innovation is reshaping payments far beyond consumer purchases
Banks and fintech giants are jockeying to build on P2P payments’ success
Declining remittance pricing is driving innovation and partnerships
Emerging technologies will reshape consumer bill payments
Providers will meet rising demand for faster wage disbursement
Cards, ACH, and FedNow will drive B2B payments growth
Sources
Media Gallery
About This Report
In the fourth of five reports in our “Payments Ecosystem” collection, we look at what’s influencing growth across P2P, remittance, bill pay, payroll, and B2B transactions—and what it means for payment providers.
Topics
Financial Services
Payments
US
Table of Contents
Executive Summary
Innovation is reshaping payments far beyond consumer purchases
Banks and fintech giants are jockeying to build on P2P payments’ success
Declining remittance pricing is driving innovation and partnerships
Emerging technologies will reshape consumer bill payments
Providers will meet rising demand for faster wage disbursement
Cards, ACH, and FedNow will drive B2B payments growth
Sources
Media Gallery

In the world of payments, consumer purchases are just the tip of the iceberg. Five key transaction types—mobile peer-to-peer (P2P), remittances, wage disbursements, bill pay, and B2B—facilitate commerce among consumers, between consumers and businesses, and among businesses. Here’s a closer look.

Key Question: What do payment providers need to know about shifting trends among major transaction types?

Reasons US Consumers Prefer Instant vs. Non-Instant Payment Methods for Receiving Disbursements, Oct 2023 (% of respondents)
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Key Stat: Instant wage disbursement delivers the speed, convenience, and greater certainty in timing that consumers want, per an October 2023 PYMNTS.com survey. More payment providers will tap this demand in the near term.

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Table of Contents

  1. Executive Summary
  2. Innovation is reshaping payments far beyond consumer purchases
  3. Banks and fintech giants are jockeying to build on P2P payments’ success
  1. Declining remittance pricing is driving innovation and partnerships
  2. Emerging technologies will reshape consumer bill payments
  3. Providers will meet rising demand for faster wage disbursement
  1. Cards, ACH, and FedNow will drive B2B payments growth
  2. Sources
  3. Media Gallery

Charts in This Report

Reasons US Consumers Prefer Instant vs. Non-Instant Payment Methods for Receiving Disbursements, Oct 2023 (% of respondents)Share of Bill Payment Transaction Value Among US Adults, by Type, 2018 & 2022 (% of total*)

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authors

David Morris

Contributors

Maria Elm
Senior Analyst
Amy Rotondo
Director, US Research