The USA sought a solution with FedNow due to its lateness in online payments.
The US continues to seek solutions to speed up payments and money transfer. However, FedNow can offer the country a solution.
FedNow Attempts to Speed Up Payments in the US
US FedNow aims to speed up simple banking transactions. The country, which feels lagging behind in payments and money transfer, is looking for an exit. FedNow is the solution to modernize government payments.
Opponents of central bank digital currency (CBDC) bogeymen do not agree that the FedNow system is a viable and viable option for fast bank-to-bank payments. The FedNow system, on the other hand, is not a digital currency and is trying to get the US out of the CBDC deadlock.
Increasing the speed of retail bank payments through FedNow focuses instead on significantly reducing the need for a CBDC in the United States.
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