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Instant Payments Have a Batch-Based Systems Problem – Consumers Say Figure it Out
April 15, 2023
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https://www.pymnts.com/disbursements/2023/instant-payments-have-a-batch-based-systems-problem-consumers-say-figure-it-out/

What typically happens when consumers want a particular product or service, have expressed their strong desire for it, see other providers with similar capabilities offering it, but are told they can’t get it from their preferred provider?

Many will take their business to where they can get what they really want.

It’s a sentiment that United States consumers increasingly express when it comes to payouts from businesses that owe them money. Whether the use case might be gaming winnings, insurance claims payments, gig payments, tips, loan proceeds, legal settlements, rebates or incentive payments, 22% of consumers who received at least one disbursement are somewhat less likely to continue a client relationship if the sender doesn’t offer instant payments.

It’s a puzzle that Drew Edwards, CEO of Ingo Money, told Karen Webster comes down to three words: “batch-based systems” that operate in direct conflict with the 24/7/365 digital world in which consumers live. One in which consumers expect access to their money anytime, any day, any way they want to receive it.

“So many businesses — both corporates and banks — still operate on batch-based systems, despite the launch of RTP®,” Edwards said. “Banks close over the weekend and are closed after what was once considered normal business hours, which is not how the digital economy operates.”

The shift to instant, 24/7 and real time will take time, he said. And just like many other things in the payments world, banks and corporates will build “bridges” to make “instant” happen in their batch-based world. Over time, Edwards explained, banks will partner with someone like Ingo or build other bridges to make 24/7, instant payments possible.

The alternative is they’ll risk losing customers to a competitor whose bridge to instant is modern and in place.

“If [instant] is available at this insurance company and not that insurance company, and [the consumer] had a slow claims experience, then that customer is lost,” Edwards explained, adding, “That’s when it really hits the tipping point — when it becomes demanded.”

Let the Bridge Building Begin

The pressure to build those bridges is only increasing.

PYMNTS research of nearly 2,300 U.S. consumers in the “Disbursements Satisfaction Report 2023,” found that given the choice, 68% always picked instant as a payout option when offered, yet only 22% of consumers reported receiving a payout that way in the past year.

Gaming and hospitality are probably the hottest sectors right now and where Edwards said he sees the greatest push.

Instant got its initial tailwind from gig platforms. Like gig workers who want instant payout for the work performed that day, instant payout of tips and winnings replaces the “instant” of cash payouts with the security and convenience of instant digital payouts.

“The most momentum we are seeing coming out of 2022 and going into 2023 is in the hospitality industry,” he said. “That is a very broad industry. You’re talking about hotels, talking about casinos, you’re talking about restaurants, not only full-service restaurants but QSRs. Here we’re not killing the check, we’re killing cash, and that’s just on fire.”

Edwards said he also sees demand from the super-regional banks, which are now being pressured by their corporate customers to deliver choice and speed to their end customers. He said that corporates asking for real-time payments has suddenly become part of conversations where it wasn’t before. Even as recently as last year, few corporates even asked Ingo whether they could get RTP®, but that’s changing.

“Whether it’s a consumer or a small business or an end user — once the receiver of money says, ‘What do you mean I’ve got to wait?’ That wakes everybody up,” he said. “That’s more important than [an order from] the CFO’s office. That’s product-driven.”

Trust Before Instant

There are some holdouts to instant payouts. The PYMNTS study found two-thirds of consumers who opted out of instant payments as a payout option did so over concerns about sharing bank account credentials and card data with the sender. Webster admitted that a marketplace on which she sells various products requires bank account credentials for instant payouts of her sales and she opts not to provide them. Her payout default? A check that costs her $10 to receive, an option that Edwards joked meant that she was “paying for slow.”

Jokes aside, building trust is important, particularly if the sender is a brand that consumers may use but not entirely trust with their payment credentials.

“If you’ll remember, Mastercard and Visa had to cross this trust issue to get people to even adopt debit,” Edwards said. “What unlocked adoption was only being liable for $50 if somebody stole all your money. But trust is a funny thing, and people, depending on their age and where they grew up and what industry they’re in, have different things that spook them.”

When It Absolutely, Positively Has to Be There in an Instant

There’s no greater proof point for the value of a product than a willingness to pay extra to get access to it. Although a growing proportion of consumers now expect instant to be free, more like an embedded part of their payout experience, there are payment use cases in which consumers are willing to pay for immediate access to funds.

Disbursement types for which consumers are willing to pay to receive them instantly include loans and borrowing (52%), insurance disbursements (41%), income and earnings (39%), and product purchase-related disbursements (37%).

It comes down to need, Edwards said.

“Is it really important that you get it right now?” he said. “I think PayPal and all those guys have proven that out by offering that choice. Do you want the money tomorrow for free, or do you want to pay a fee and get it right now? I know it’s really consistent, the group of people that will willingly pay the fee because it matters, and the ones that will go, ‘Nah, I’ll wait.’ I think that’s up to us in the industry to make those choices available. Some people will pay for speed because they need it.”

And as PYMNTS’ latest “Money Mobility Index” noted, providing choice is a prime differentiator between top and bottom performers. We found that issuers offering six or more instant payment methods, either for money in or out, earn an average index score of 59.5, while those offering two or fewer instant methods earn an average score of just 50.6.

That spread can be a decisive factor in consumer and end-user satisfaction.

“The more choices we can give and let consumers make their own decisions, the better,” Edwards said, “but there will always be a percentage of the population that needs it faster, and that’s valuable to them.”

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

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The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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