In today's digital economy, consumers and businesses demand immediate access to their funds and the ability to move money seamlessly. According to recent Federal Reserve Financial Services surveys, 58% of consumers reported using digital wallets to meet their needs for fast, flexible payments.

Despite their prevalence as a convenient payment option, digital wallets’ functionality can be undercut by payment rails that take time to clear and settle, especially when consumers want to move funds into or out of wallets. Any lag in making wallet funds available can lead to cash flow challenges and a frustrating experience for digital wallet users. By enabling instant transfers, the FedNow Service allows digital wallet providers to offer immediate access to funds, boost user satisfaction and drive user growth and engagement with their digital wallet products and services. 

Click Read More below to see the complete article from the Federal Reserve's Innovation Spotlight series.

Learn more about instant payments, digital wallets, and other payments innovations at ePayConnect 2026, coming up soon on February 23 - 25 at the Gaylord National Harbor.  Celebrate Valentines Day and Presidents Day with coupon code LOVEANDLIBERTY to get $100 off your registration (new registrations only)!