Pandemic increased US demand for faster payments, says Fed paper
Vast majority of business expect to be using speedier options by 2023, survey finds
The Covid-19 pandemic has increased US businesses’ interest in speedier payments systems, a Federal Reserve survey finds.
Nearly 90% of respondents said they expected to be using faster payments mechanisms by 2023. The majority had used some “faster payments” platform in the previous year.
The survey, conducted online late last year, found that nearly three-quarters of respondents intended to begin or expand usage of a “faster payments” option. One-third had already begun activities like
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