The Role of Directories in Promoting Faster Payments Adoption: International Lessons Learned

Directories facilitate payment initiation by linking something everyone knows – typically a phone number or email address – to account information that most people do not, such as a routing number and account number. Mobile payment systems typically focus on P2P first to build up a user base and then use this user base to convince merchants of the need to accept the mobile payment method due to its popularity. Push-to-card networks, however, come with massive user bases due to the prevalence of card issuing in the U.S. market. These networks are now expanding into cross-border payments, enhancing their utility to both consumers and businesses. This presentation will examine how directories in foreign markets have promoted adoption of faster payments and what challenges the U.S. market will face in the new few years as FedNow matures, RTP continues to grow, and push-to-card systems gain traction.