U.S. businesses and consumers are rapidly adopting digital, faster, and instant payment services, according to studies released by Federal Reserve Financial Services. Digital wallet use saw especially strong growth in 2023; efficiency-focused businesses increased their use by 31% over the prior year, and convenience-minded consumers experienced a 32% increase.

These changes, particularly consumers’ use of digital wallets and online banking, are leading to increases in instant and faster payment use cases such as bill payment, mobile wallet funding and defunding, account-to-account transfers, and immediate payroll for employees.

Click Read More below for the complete article in the FedNow Explorer.

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