US Embraces Speed: Faster, Instant Payments on the Rise
May 7, 20245 min
U.S. businesses and consumers are rapidly adopting digital, faster and instant payment services, according to studies released by Federal Reserve Financial Services. Digital wallet use saw especially strong growth in 2023 — efficiency-focused businesses increased their use by 31% over the prior year, and convenience-minded consumers experienced a 32% increase. These changes, particularly consumers’ use of digital wallets and online banking, are leading to increases in instant and faster payment use cases such as bill...
