Request to Pay – survey highlights positive industry reaction
The recent InstaPay survey on the New Payments Architecture and Value Added Services in the UK has yielded some very positive responses from the industry there. Not only does the local market have a strong awareness of Request to Pay (R2P), the vast majority of respondents see this new service as a benefit to their organisation.
As we are seeing the world over, a large part of the case for innovation in payments is understanding the size of the opportunity. The UK market seems to have identified this with regards to R2P and organisations are actively pursuing providing this offering to their customers. Over 70% of respondents saw R2P as an opportunity for their bank/organisation, with over 50% believing that the NPA would have a ‘substantial’ impact on UK payments.
In response to the results, a spokesperson from Pay.UK shared “The results from this survey are very encouraging. The fact that nearly 90% of respondents are aware of Request to Pay, coupled with impressive levels of support for it, helps to demonstrate that payers and billers alike view Request to Pay as a positive opportunity to help people and businesses avoid issues created by an irregular income or an unexpected or unpaid bill. Request to Pay gives more control to the person or business being asked to pay a bill or invoice. By setting the rules and standards needed to make it work, Pay.UK – the organisation responsible for launching the service standards – expects the market to look into developing other, innovative uses for Request to Pay that can benefit a range of sectors, including utilities, financial services, government and charities.”
You can find a copy of our the survey results here: R2P survey results 2018.
All corners of the industry have a role to play in promoting these activities and as wider awareness starts to blossom over the coming months, I am sure we will see increased interest from our readers on what is happening in the UK market. InstaPay will of course ensure we promote these key industry developments, as well as those from other global markets to our readers.