Although instant payments have been available in the United States since 2017 – via The Clearing House’s RTP rails – many in the industry treated last month as their first anniversary. That’s because in July 2023, the Federal Reserve launched its FedNow service, kicking off market competition in earnest.
Topics: FedNow, RTP, instant payments, Payments Landscape, Emerging Payments
With success comes additional scrutiny. A recent Federal Reserve survey indicates that three-quarters of Americans are familiar with Buy Now Pay Later (BNPL) services, and nearly 10% had accepted such a deferred payment offer in the past 30 days. A modernized take on installment lending for the digital age, BNPL's rapid rise has attracted the attention of lawmakers, regulators, and companies with various stakes in the payments ecosystem.
Topics: Apple Pay, Chase Pay, Buy Now Pay Later, BNPL, CFPB, Consumer Financial Protection Bureau, Bank Regulation, Credit Union Regulation
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