Jane Edwards
Several technology companies have expressed support to the Federal Reserve’s plan to come up with a real-time payment network designed to connect all U.S. banks, credit unions and other financial institutions, Forbes reported Wednesday.
“Only the Federal Reserve can serve as the catalyst to achieve real-time payments ubiquity in a timely manner,â€Â a trade association representing Apple, Amazon, Google, PayPal, Intuit, Stripe and Square wrote in a letter, which was reported by the American Banker.
Retail firms such as Target, Amazon and Walmart have also expressed support to a Federal Reserve-run network.
A Markets and Markets Research report says the real-time payments market is expected to increase from $6.8B in 2018 to $25.9B by 2023 driven by the rising adoption of smartphones and cloud-based services and government programs.
