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The Fed announced "FedNow," a real-time retail payment infrastructure, that will be available in 2023 or 2024. FedNow is expected to add competition and provide more choice, which will come with its pros and cons, but nevertheless 90% of the comments that the Fed received in response to a request for comments last November called for the central bank to operate a real-time payment service.
“The U.S. real-time retail payment infrastructure stands to gain from competition,” Fed Gov. Lael Brainard said during a speech in Kansas City, Mo., “including through higher service quality and lower prices over the long run, which in turn should support wider adoption.” The announcement ended years of uncertainty about whether the central bank would take a hands-on role in a modern U.S. payments network or instead defer to the private sector.
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