ACI Worldwide today announced the launch of ACI Instant Pay, a new real-time payments solution that enables merchants in the U.S. to accept online, mobile and in-store payments instantly. The company also announced the launch of ACI Wallet Hub, an integrated network that connects merchants in 70+ countries to a single hub for 200+ global and regional digital wallets.
ACI Instant Pay
Merchants can enable ACI Instant Pay via simple API integration with ACI’s payments orchestration platform. Once integrated, ACI Instant Pay appears to merchants as an alternative payment method through all major channels: online, in-store and mobile app. For in-store payments, a QR code displayed on a consumer-accessible screen enables customers to initiate and complete payments via their mobile device, enabling a smooth, secure and one-click checkout experience.
With the expected launch of the U.S. domestic real-time payments scheme FedNow in 2023, ACI Instant Pay will allow U.S.-based merchants to boost their businesses by accepting and processing real-time payments, which are expected to grow in popularity over the next few years. ACI’s 2022 Prime Time for Real-Time report forecasts the annual volume of real-time transactions in the U.S. to reach 8.9 billion by 2026, up from 1.8 billion in 2021, representing a compound annual growth rate of 37%.
ACI Instant Pay Benefits at a Glance:
. Freedom from interchange fee burden: providing welcome relief from the rising costs of processing payments by card, which now average 2-4% of each transaction.
. Instant settlement equals instant liquidity for merchants.
. Chargebacks are eliminated: with account validation carried out pre-payment, only insufficient funds can result in declined transactions. That means no more chargebacks, while fraud exposure also shifts to the banks.
. Integration simplicity
. Single, simple API integration for secure eCommerce
. QR code integration in-store
“At ACI, we are pleased to expand our global leadership of driving real-time payments for central governments, payment networks, banks, financial institutions and fintech companies to include Merchants now. Merchants can now reap the dual benefits of instant payments for an enhanced shopper experience and improved bottom line. Many shoppers are frustrated by traditional payment options. They want more choice, greater transparency and better control, online and in-store,” said Debbie Guerra, chief product officer, ACI Worldwide. “ACI Instant Pay helps merchants capture and engage new customers while driving growth and lowering costs.”
“With ACI Instant Pay, value flows directly from customer to merchant with no card fees, no user friction, no delays and no risk of card fraud,” added Basant Singh, global head of ACI’s merchant segment. “It also allows merchants to reduce their costs and pass savings on to their customers as an incentive in the form of cashback, loyalty points or discounts.”
ACI Wallet Hub
Merchants can enable ACI Wallet Hub via simple API integration with ACI’s payments orchestration platform. Through a single integration — and a single vendor relationship — ACI Wallet Hub provides merchants with access to every leading digital wallet available today and the ability to deliver native wallet checkout experiences for consumers. The new wallet hub will save time and money on developing, managing and maintaining digital wallet integrations. ACI Wallet Hub eliminates integration burdens to multiple wallet providers and future proofs against changing technical and compliance requirements.
Consumer use of digital wallets continues to increase worldwide. More than half of consumers (52.7%) held and used a digital wallet in 2021, representing a 33% increase over the last five years. However, with the rise of popular digital wallets, many merchants are forced to manage multiple individual integrations and payment gateway contracts. It increases costs and slows the time to market new payment experiences.
ACI offers extensive coverage across the wallet hub network, gaining complete access to a large and ever-growing suite of digital wallets as part of the core API so merchants can offer the alternative payments customers prefer at checkout via any channel – eCommerce, mobile apps and in-store.
“Digital wallets are increasingly secure, flexible and convenient, with Millennials and Gen Z, in particular, embracing them as a mainstream payment method,” said Debbie Guerra, chief product officer, ACI Worldwide. “ACI Wallet Hub enables merchants to offer customers all their preferred ways to pay to achieve greater eCommerce sales and faster growth.”
“ACI Wallet Hub takes the complexity out of keeping up with emerging technologies and customer demand,” commented Basant Singh, global head of ACI’s merchant segment. “It enables merchants to stay flexible and innovative without the high cost and compliance burdens associated with integrating and maintaining multiple individual digital wallets.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
