Understanding the Various Payments Systems Series: Part 1
Over the last several years, the payments landscape has changed drastically with improvements in speed and convenience for consumers and businesses alike. There are now more ways than ever before to process transactions quickly and with ease.
When PayPal first hit the market in 1998, the idea of eWallets was introduced. Then in 2014, Apple launched their mobile wallet service, Apple Pay. Since then, there has been an insatiable appetite for fast, immediate payment methods, including Zelle, SquareCash, same-day ACH and most recently, The Clearing House’s real-time payments system, to name a few.
With so many payments methods, it can be confusing, especially when coupled with terms like “instant payments” and “push payments.” However, not all faster payments methods are equal.