U.S. Instant Payments to Boom by 2028, FPC Study Finds
The U.S. Faster Payments Council (FPC) has published a comprehensive study on the future of instant payments in the country. The 2025 U.S. Instant Payments Adoption Quantitative Study, released by the Federal Reserve with contributions from the Clearing House Payments Company, provides insights into the growing demand and adoption of real-time payments.
By 2028, financial institutions (FIs) are expected to significantly embrace instant payments. The study projects that 70-80% of FIs could receive instant payments and 30-40% could send instant credits by this time. Key drivers for this growth include earned wage access, wallet funding, marketplace/gaming, and person-to-person (P2P) transactions.
To facilitate this growth, the FPC is working to ensure instant payments are accessible, secure, and beneficial for all users. Over the next 12-24 months, respondents prioritize deploying real-time fraud mitigation tools and improving consumer and business user interfaces. QR codes, APIs, and pay-by-bank methods are identified as important tools for broader instant payments adoption.
The FPC's study highlights the potential of instant payments to transform the U.S. financial landscape. With loan payouts gaining traction as a new use case, the future of instant payments looks promising. The full report, available on the FPC's Faster Payments Knowledge Center, offers detailed insights into this evolving field. As fraud, user interfaces, and exceptions are top areas for advancing instant payments standards, the FPC continues to work towards making real-time payments a reality for all.
Read also:
- Germany's Social Workers in High Demand Despite Salary Disparities
- Minimal Essential Synthetic Intelligences Enterprise: Essential Minimum Agents
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- UK automaker, Jaguar Land Rover, to commit £500 million for electric vehicle manufacturing in Merseyside
