Payments on Fire™ Episode 270 - Fanning the Flames - Beyond “Behind”: Rethinking US Instant Payments
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Jul 31, 2025 Is the U.S. fast enough? The podcast dives into the lagging performance of U.S. instant payments compared to global trends. It challenges traditional views by including popular P2P apps in the discussion. Obstacles to adoption are explored, including the allure of credit card rewards and the need for reforms. The hosts also analyze the complexity of the U.S. payments landscape, emphasizing the importance of fraud prevention and interoperability. Could there be a more advanced ecosystem under the surface? Tune in to find out!
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Broader Definition of Fast Payments
- Many U.S. consumers experience fast money movements through apps like Zelle, Venmo, and Cash App.
- These apps often use traditional rails, yet form a widely adopted "fast" payments ecosystem in the U.S.
Example of Instant Pay Usage
- Paying someone who just did work can happen instantly using Zelle, Venmo, or Cash App.
- Even businesses use these fast payment options for payroll and vendor payments.
U.S. Instant Payments are Fragmented
- The U.S. has multiple payment rails specialized by use case, unlike countries with one unified system.
- FedNow and RTP focus on business payments, while consumer P2P relies on Zelle.