A record 76 million instant payments were processed through The Clearing House in the first quarter of the year, according to an April 4 report from the company.
The payments were valued at a record $42.3 billion. Nearly 27 million transactions took place in March, and March 1 set the record for most transactions in one day with 1.255 million. Transactions between accounts or from digital wallets to savings or checking accounts rose by more than 1 million payments last month, according to The Clearing House.
The number of transactions related to small business merchant settlements increased 140,000 in March from the previous month. Transaction volume and value on the network are increasing at a quarterly average of 15 percent, with growth occurring in 19 of the last 20 quarters dating back to 2019.
“RTP transaction volume is driven by customers who want instant, convenient ways to pay bills, move money between accounts, get paid quickly, send money to friends and family, or solve cash flow concerns,” said Chief Product Officer Margaret Weichert.