Kenneth Montgomery on the Fed’s progress with instant payments
The FedNow project leader explains how the US will develop ubiquitous, real-time payments
What changes have you seen in the payment behaviour of US consumers during the pandemic?
We are certainly seeing a lot more electronic payments – particularly for things that people need on a regular basis. So, there are many more payments over the phone and in areas like restaurants, fast-food locations, big-box stores, grocery stores, those sorts of things. There is more that can be ordered online today. Certainly, that is also translating into more electronic payments.
The Federal Reserve
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