Mercari has created an Instant Pay feature, which can transfer money extremely quickly. Verified sellers are able to transfer money from their Mercari balance to another debit card within minutes. Users can transfer up to $500 a month, with a transaction fee of two dollars. The company's head of communciations Bradfor Williams stated that the Instant Pay feature is a first for the industry. The company is focused on rolling out the feature to those who sell goods as on the side, as opposed to those who make living selling consumer goods.
The Instant Pay feature requires a debit card to complete the platform's ID Check. Users can access Instant Pay through the Mercari app. Prospective users will have to present government-issued ID in which Mercari will verify.
E-Commerce Balance Transferring
Mercari Has Implemented an Instant Pay Feature
Trend Themes
1. Instant Pay Feature - The trend for instantly transferring money between balances and card accounts presents opportunities for new offerings such as digital wallets and mobile banking services.
2. Side Hustle Support - There is a growing trend of individuals supplementing their income through side hustles, creating opportunities for e-commerce platforms and payment providers to develop features that cater to this demographic.
3. ID Verification - The trend of increasing security and fraud prevention measures presents opportunities for innovative ID verification services and technologies.
Industry Implications
1. E-commerce - E-commerce platforms can benefit from creating features and services that support side hustles, such as the Instant Pay feature by Mercari.
2. Payment Processing - Payment processing companies can create new offerings to enable instant transfers, such as digital wallets or mobile banking services.
3. Identity Verification - Identity verification services and technologies can be leveraged by e-commerce platforms to increase security and prevent fraud, as seen with Mercari's ID Check feature.