Successful CIOs, CTOs & executives from Forbes Technology Council offer firsthand insights on tech & business.
Digital transformation initiatives are in full swing in multiple industries across the United States these days, with businesses seeking to leverage technology tools to speed and simplify a variety of functions. There is one distinct exception, however: payment systems. In retail stores across the country, the only payment options are cash and credit card, and even many online checkout systems still require customers to enter credit card information.
Consumers have access to a variety of instant payment systems, such as Zelle, PayPal, Apple Wallet and several others. A key challenge hindering widespread adoption of instant payments between institutions in the United States are the traditional systems deployed at a number of financial institutions, which can be cumbersome and costly to change, especially given enterprise regulatory issues.
A lack of trust in instant payment systems among consumers, as well as a lack of available educational information about such systems, is hindering their adoption in the U.S. Consumers are accustomed to the protections offered by traditional payment methods such as credit cards—credit card companies often handle any errors and disputes, making the experience hassle-free.
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