FedNow is an instant payment system developed by the United States Federal Reserve. It allows for round-the-clock, near-instant payments between banks. Currently, U.S. residents can only make instant payments domestically through third-party apps such as PayPal (NASDAQ:PYPL) and Venmo, or crypto wallets. The Federal Reserve has stated that the new service will launch in July.
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Source: Cryptocurrency - investing.com