The U.S. Faster Payments Council (FPC), in partnership with Volante Technologies, has released the 2025 Faster Payments Barometer, providing valuable insights into the adoption, trends, and perceptions surrounding faster payments in the U.S. payments ecosystem. Conducted in the fall of 2024, the study gathered input from over 400 organizations, including financial institutions, businesses, associations, and technology providers.
Key Findings
- Growing Demand: 80% of respondents consider faster payments a ‘must-have,’ with financial institutions leading the charge at 84%.
- Adoption Momentum: Among financial institutions that have implemented instant payments, 58% have adopted a multi-rail strategy by implementing both FedNow® and RTP® Network.
- Expanding Use Cases:
- Businesses are focusing on eCommerce (54%), point-of-sale (POS) transactions (51%), and supplier payments (41%).
- Financial institutions are prioritizing P2P payments (51%), bill pay (38%), and payroll (38%).
- Persistent Challenges: Only 41% of large financial institutions and 28% of businesses believe the U.S. is making satisfactory progress toward faster payments adoption. Key barriers include fraud risks (34%), high implementation costs (60% of financial institutions), and interoperability issues (60% of business end users).
Expert Insights
“Eighty percent of respondents identified faster payments as a ‘must-have,’ with financial institutions leading the charge at 84%,” said FPC Executive Director Reed Luhtanen. “The results reflect growing adoption of the FedNow® Service and RTP® Network and an expanding array of use cases in both consumer and business contexts. However, challenges such as interoperability and fraud must be addressed to fully unlock the potential of faster payments.”
Deepak Gupta, SVP, Global Head of Payments-as-a-Service at Volante, added: “This year’s Barometer demonstrates the industry’s growing embrace of faster payments, and their transformative potential for both consumers and businesses. Overcoming cost and interoperability hurdles through innovative solutions will be key to sustaining this momentum and delivering on the promise of faster payments.”
Addressing the Future of Faster Payments
The 2025 Barometer outlines significant opportunities to address industry concerns, including the implementation of value-added services like multifactor authentication and request for payment. With 84% of financial institutions prioritizing multifactor authentication and 80% of non-FI respondents endorsing request for payment, these enhancements are expected to mitigate fraud risks and drive further adoption.
Collaboration across the payments ecosystem will be crucial to achieving ubiquity and resolving interoperability challenges. The projected growth rates for FedNow (193%), RTP (117%), and Push-to-Card (103%) adoption over the next five years highlight the need for scalable and innovative solutions that can accommodate the needs of organizations of all sizes to deliver on the promise of instant, secure, and seamless payments.
