U.S. Instant Payments Adoption to Reach 70-80% by 2024: FPC Study
The U.S. Faster Payments Council (FPC) has published its 2025 U.S. Instant Payments Adoption Quantitative Study, offering insights into the future of instant payments in the United States. The full report is available on the FPC's Faster Payments Knowledge Center.
The study surveyed 24 third-party payment processors, gateways, digital providers, bankers' banks, and corporate credit unions. It projects that by 2024, 70-80% of financial institutions could receive instant payments, with 30-40% able to send instant credits by 2028.
Key adoption drivers in 2024 included earned wage access, wallet funding, person-to-person (P2P) payments, marketplace and gaming transactions, and brokerage payouts. In 2025, the focus shifted to earned wage access, wallet funding, marketplace/gaming, P2P, and loan payouts. The study highlights the importance of tools like QR codes, APIs, and pay-by-bank for broader adoption.
The FPC identifies fraud mitigation, user interfaces, and exceptions as areas for advancing instant payments standards. Over the next 12-24 months, real-time fraud mitigation tools and consumer and business user interfaces are top priorities.
The U.S. Faster Payments Council's study paints a promising future for instant payments in the U.S. With projections showing significant growth in adoption by 2028, the focus now shifts to improving safety, user experience, and real-time fraud mitigation.
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