Consumers shop in stores and online regularly, and most have become accustomed to immediate gratification. Features like “buy now” buttons, same-day delivery, instant savings, instant upgrades, and brands like Instacart and Instagram are now the norm. Many consumers also prefer using digital “pay now” debit payment methods and increasingly want to make and receive payments instantly.

This impact note provides potential ways the FedNow Service and The Clearing House’s RTP network can support new use cases for instant consumer debit payments. Real-time payments enable retailers to improve customer experiences, reduce payment costs, and better manage cash flow. Financial institutions can offer new instant payment solutions, such as pay-by-bank, to fulfill customers’ payment preferences and needs.

Companies Mentioned:

Airbnb, Amazon, FedNow, Fiserv, Kroger, JP Morgan Chase, Mastercard, PayPal, Poshmark, RTP, Sunoco, The Clearing House, Venmo, Visa, Walmart