About Request to Pay

What is Request to Pay? | How it works

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Join the secure payment revolution

 

Request to Pay (RtP) is a digitised bill payment experience that makes payment initiation easier for billers and payers.

By connecting to RtP through our platform, banks and other payment service providers (PSPs) save money on building tech infrastructure, refocusing resources on building differentiated customer experiences in their apps.

 

How it works

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Enjoy the flexibility of cash with the control of Direct Debit

Easier bill payments, happier customers. Increase engagement with your client base by becoming the foundation of their bill payment experience.

Request to Pay is a messaging ecosystem that provides the necessary interconnecting communications required to make secure payment requests possible. It allows billers to initiate a payment request and allows customers to choose where and how they pay.

5 facts about Request to Pay

1. Research shows 52% of payers would like the option of delaying a bill payment, usually for reasons as simple as matching bill dates up with payday. Request to Pay allows businesses to have this kind of flexibility, helping to boost customer loyalty whilst increasing electronic payments and migrating payers away from cheque, cash, and cards – which all come with added processing costs. Accesspay

2. 90% of UK consumers surveyed think that businesses should offer a wide choice of payment methods. Smartdebit

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3. Research shows that customers would be 52% more loyal to a brand that offered RtP than one that didn’t, even if the other brand had better pricing. Answerdigital

4. Research conducted by Accenture and the Faster Payments Scheme estimates the adoption of RtP could save 18 –36p per transaction. This comes from switching from paper to electronic billing, reducing time and effort in chasing late payments, and increased reconciliation. Accesspay

5. According to a report by pay.uk, Request to Pay will save up to £1.3 billion per year for UK’s economy in billing costs alone. Paymentsjournal

Answer Pay estimates in the UK that, with 55% of utility bills paid by Direct Debit, and the remainder paid by cards, cash and cheques, the Request to Pay market could equate to 1,354 million transactions a year.

Download our Request to Pay guide

Fast-track your knowledge about the benefits of Request to Pay, the technology behind it, and how to implement it.

We’ve partnered with Answer Digital to study the Request to Pay opportunity, and specifically the consumer story.

Answer Digital conducted independent quantitative research to understand more about people’s attitudes towards delaying, skipping and changing payments, and how they would prefer to communicate with providers.

Answer Digital gathered insights from 200 people, equally split across two age groups, 24-35 and 33-55, with a low household income (up to £25k).

In this guide, we look at:

  • What challenges does Request to Pay solve?
  • How can Request to Pay make a difference?
  • How is RtP reshaping the payments landscape?
  • What is the relationship between brand loyalty and payment choices?

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