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As a result, he predicted that the entrenchment of faster payments will be a linear progression that moves from consumer-to-consumer (C2C) to consumer-to-business (C2B), then to business-to-consumer (B2C) to business-to-business (B2B). How is this different than a wire? So, from the beginning, start with the individual consumer.
It’s not as much of a one-on-one relationship that you would see from a C2B perspective. This, combined with the need for customizable payment experiences for buyers, may mean that the traditional ACH and wire rails are no longer suited to the B2B space, as payment flows move away from a batch model to meet customers’ need for immediacy.
Use cases for Mastercard Send and Visa Direct range from P2P to C2B in the gig economy world – and B2C for disbursements supporting a diversity of use cases, including tax refunds, insurance claims and on-demand payroll for W-2 workers. Or that wire transfer revenues could be cannibalized as end users are incented to shift payments to RTP.
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