Infrastructure
FedNow Year Two: Adoption Curves, Volume Mix, and the Next Battleground
Volume is climbing - but the more interesting metric is the mix of use cases moving onto the rail.
By Dr. Sarah Chen · June 19, 2025 · 8 min read
FedNow's headline volume numbers tell only part of the story. The more revealing metric is the mix shift: payroll, insurance disbursements, and merchant settlement are growing faster than P2P, which is the pattern mature RTP rails have followed elsewhere.
The next battleground is fraud - specifically, scam fraud - which has consistently been the rate-limiting step for real-time adoption in other markets.
Related Topics
Sources & References
- U.S. Federal Reserve - FedNow Service
- U.S. Federal Reserve - Payments Research
- Bank for International Settlements - Payments, Clearing & Settlement
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