What do gig workers and gamers have in common? Both are driving a seismic shift in how businesses manage payments — and instant is the name of the game.
For ad hoc transactions — payments made outside of traditional payroll or invoicing — the appeal of instant payments is clear. Speed and certainty matter in industries where cash flow and loyalty hinge on timely payouts. It’s no wonder 64% of gig payments and 49% of gaming payouts now use instant methods, a rapid leap in adoption in just the past year.
However, barriers remain. While larger enterprises have embraced instant payments for nearly half of their ad hoc transactions, smaller businesses often cite cost concerns. For the smallest small- to medium-sized businesses (SMBs), fees for receiving instant payments can exceed $11 per transaction. This is a hurdle that slows adoption in industries less digitally advanced than gig work and gaming.
The upside? For gig and gaming businesses that overcome these challenges, instant payments bring measurable benefits.
The adoption of real-time rails for ad hoc payments signals a broader trend toward modernizing financial infrastructure. Explore this month’s Tracker to see how instant payments shape the future of business transactions and what’s next for the gig and gaming economies.
The “Money Mobility Tracker®,” a collaboration with Ingo Payments, examines how the rapid growth of ad hoc payments, such as gig and gaming payouts, is driving the adoption of instant payment rails, enhancing cost savings and improving vendor retention and customer loyalty.
The post The On-Demand Economy Drives Surge in Instant Payments appeared first on PYMNTS.com.
