this post was submitted on 23 Jul 2023
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Many countries, including those in the developing world, have had instant payments systems for years. They're very convenient, especially those that provide an "overlay" service (usually coming with a standardized app) that allows sending money to registered phone numbers, without dealing with bank account numbers.
Characteristically, the US version of instant payments seems half-assed. It's initially supported by only 35 banks (not including Citi and Bank of America). And it apparently does not provide a standardized overlay service. Many big financial stakeholders, including the credit card companies, no doubt view it as a threat and would be very happy if it does not catch on.
As far as an overlay service goes, Zelle basically fills that niche, and it's increasing in popularity. I think FedNow is more for larger payments.
Zelle still takes a few days to complete transfers in my experience