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HOW FEDNOW AND FASTER PAYMENTS WILL IMPACT US FINTECH

$ Transfers and Digital Payments, 2023, ACH, ALL CONTENT, Bessemer Venture Partners, Central Banks/Government, Fed Now, Link, Marcel Van Oost, Other Strong Payments Component (e.g., insurance, healthcare), Real-Time Payments, Stablecoin, Venmo, Wallets, Zelle /

FedNow’s promise of faster payments is not new. Aside from RTP and same-day ACH, we have seen faster payments in a number of forms: closed-loop P2P payments (Venmo, Zelle), wire transfers, stablecoins, and push-to-card. Each varies in settlement type, rail, limit, cost, push/pull capabilities, and transaction limits. This has created an ecosystem where U.S. money movement has become unnecessarily complex. In this white paper by Bessemer Venture Partners they explain that they expect to see more payment-first business models, and a new wave of fraud, and infrastructure to facilitate the patchwork of faster payments in the US.

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TRAVEL COMPANIES RISK LOSING ONE-THIRD OF CUSTOMERS DUE TO LACK OF PAYMENT CHOICES

$ Transfers and Digital Payments, 2018 and Prior Years, Airlines/Travel, ALL CONTENT, INDUSTRY-VERTICAL, Link /

This article from the AP reports that more than third of global travelers are not happy with payments methods available to them while booking online. It demonstrates the increasing importance of alternative payments.

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