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Federal Reserve Surveys Reveal Growing Interest in Faster Payments

Consumers and businesses are looking for payment services that are fast, convenient and provide greater control over cash flow, according to recent Federal Reserve research. And many are looking to their financial institutions to provide these services.


A consumer perspective

About 70% of consumers say having access to enhanced faster payment capabilities from their financial institution(s) is an important satisfaction driver, according to a survey conducted in 2021. Person-to-business payments top the list of likely use cases for faster payments (77%), followed by person-to-person and account-to-account, both at 62%. 

Other key findings include:

Businesses continue to see many possibilities for faster payments

Like consumers, businesses are also demanding faster payment options. The Federal Reserve’s second annual corporate survey, conducted in 2021, found that businesses are most interested in using faster payments for payroll, recurring bill payments, internal transfers, and regular or routine payments.

Compared to the previous year, interest in the following emerging faster payment use cases saw the greatest year-over-year increase: Mobile order pickup (67%), just-in-time payments (30%), large disbursements (24%) and digital wallets (14%).

Other key findings include:



Want to dig deeper into the Federal Reserve’s research findings? View these resources:



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For more information about faster and instant payment use cases, and to learn about the Federal Reserve’s upcoming instant payment system, the FedNowSM Service, visit

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