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The Tortoise and the Hare of Payments

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Pedro Ferreira
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The Tortoise and the Hare of Payments

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Pedro Ferreira

  • Why the US is Slowing Down While the World Speeds Up?

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For decades, the United
States has been the undisputed financial superpower, a titan striding across
the global economic stage. Yet, in the seemingly mundane realm of payments, a
peculiar sight is emerging: the US, once a leader in financial innovation, is
increasingly resembling a slow and steady tortoise lumbering behind a pack of
swift hares.

This unlikely scenario
plays out in the arena of real-time payments – the ability to send and receive
money instantaneously. According to a recent ACI report, while countries like
India and China have embraced these systems, processing billions of
transactions daily, the US lags far behind. In 2023, a mere 1.5% of all US
payment volume occurred in real-time, a paltry sum compared to the global
average.

The report highlights
five key drivers for thriving real-time payment ecosystems:

  1. Active Collaboration: Successful markets see strong
    collaboration between financial institutions, payment service providers,
    central banks, and even governments. This creates a unified front to build and
    operate a robust system.
  2. Strong Merchant Incentives: Just getting consumers on board
    isn’t enough. Enticing merchants to accept real-time payments is crucial.
    India’s example of removing merchant fees and issuing QR codes for easy
    adoption is a case in point.
  3. Open and Inclusive Ecosystems: The report emphasizes the
    growing role of fintechs and smaller banks in driving real-time payments. The
    US financial sector needs to embrace a more open and collaborative approach,
    partnering with these players to expand reach and transaction volume.
  4. Constant Flow of User-Friendly Use Cases: Real-time
    payments thrive when Constant Flow of User-Friendly Use Cases: Real-time
    payments thrive when there’s a constant stream of easy-to-use applications that
    integrate seamlessly into daily life. The report points to examples like paying
    utility bills, transportation fares, subscriptions, and even groceries – all
    becoming possible with a quick scan of a QR code or a tap on a mobile app. The
    US needs to encourage similar innovation to drive real-time adoption beyond
    niche markets.
  5. Cross-Border Ambition: The future of payments is global.
    The ability to send and receive money instantly across borders is a
    game-changer. Countries like India are leading the charge, with their UPI
    system facilitating real-time payments in multiple countries. The US, with its
    vast international network, can capitalize on this trend by working towards
    interoperable real-time payment systems with key trading partners.

As such, in what
concerns the US, their sluggish adoption is particularly striking considering
the inherent advantages the US possesses. A robust banking system, widespread
internet access, and a tech-savvy population – all the ingredients for a
real-time payments revolution seem to be present. So, what’s holding the US
back?

Part of the blame lies
in a legacy system.

The current payment infrastructure is a clunky relic from a
bygone era and it can take days for transactions to clear, a snail’s pace
compared to the real-time world we now inhabit. This slowness creates friction
– a frustration for both consumers and businesses forced to wait for their
money.

Furthermore, the US
financial sector has been slow to adapt. Unlike some of its international
counterparts, banks haven’t readily embraced the potential of real-time
payments. The fear of disruption to existing revenue streams, coupled with the
costs associated with implementing new infrastructure, has created a sense of
inertia.

However, a shift is
stirring. The 2023 launch of FedNow, a real-time payment service by the Federal
Reserve, marked a turning point. While adoption remains low, FedNow represents
a crucial step towards a more efficient payment system. The hope is that this
new infrastructure will spur innovation and entice banks to finally jump on
board.

There are compelling
reasons for them to do so.

Real-time payments offer a multitude of benefits.
For consumers, it translates to faster access to funds, increased convenience
(think splitting a restaurant bill with friends seamlessly), and potentially lower
transaction fees. Businesses, on the other hand, can benefit from faster
settlements, improved cash flow management, and the potential to tap into new
customer segments that rely on immediate access to money.

Moreover, real-time
payments have the potential to reshape entire industries. The gig economy, for
instance, thrives on instant transfers, allowing workers to get paid
immediately for their services. Similarly, real-time payments could
revolutionize how we pay bills, eliminating late fees and streamlining
financial management.

The potential impact
extends beyond domestic borders. As the global economy becomes increasingly
interconnected, the ability to send and receive money across international
borders in real-time will be paramount. Here again, the US risks falling behind
if it doesn’t modernize its payment infrastructure.

The good news is that
there are signs of progress.

The slow but steady increase in real-time
transactions in the US suggests a growing awareness of the benefits these
systems offer. Furthermore, businesses are increasingly vocal in their demands
for faster and more efficient payment solutions. This pressure, coupled with
the ongoing development of FedNow, could be the catalyst needed for a real
paradigm shift.

The race for real-time
payments supremacy has begun. While the US may be starting from behind, its
inherent strengths and growing momentum suggest it’s not out of the race. The
question remains – will the American financial sector shed its tortoise-like tendencies
and embrace the future of payments, or will it continue to be outpaced by the
nimble hares of the global financial arena? Only time will tell.

For decades, the United
States has been the undisputed financial superpower, a titan striding across
the global economic stage. Yet, in the seemingly mundane realm of payments, a
peculiar sight is emerging: the US, once a leader in financial innovation, is
increasingly resembling a slow and steady tortoise lumbering behind a pack of
swift hares.

This unlikely scenario
plays out in the arena of real-time payments – the ability to send and receive
money instantaneously. According to a recent ACI report, while countries like
India and China have embraced these systems, processing billions of
transactions daily, the US lags far behind. In 2023, a mere 1.5% of all US
payment volume occurred in real-time, a paltry sum compared to the global
average.

The report highlights
five key drivers for thriving real-time payment ecosystems:

  1. Active Collaboration: Successful markets see strong
    collaboration between financial institutions, payment service providers,
    central banks, and even governments. This creates a unified front to build and
    operate a robust system.
  2. Strong Merchant Incentives: Just getting consumers on board
    isn’t enough. Enticing merchants to accept real-time payments is crucial.
    India’s example of removing merchant fees and issuing QR codes for easy
    adoption is a case in point.
  3. Open and Inclusive Ecosystems: The report emphasizes the
    growing role of fintechs and smaller banks in driving real-time payments. The
    US financial sector needs to embrace a more open and collaborative approach,
    partnering with these players to expand reach and transaction volume.
  4. Constant Flow of User-Friendly Use Cases: Real-time
    payments thrive when Constant Flow of User-Friendly Use Cases: Real-time
    payments thrive when there’s a constant stream of easy-to-use applications that
    integrate seamlessly into daily life. The report points to examples like paying
    utility bills, transportation fares, subscriptions, and even groceries – all
    becoming possible with a quick scan of a QR code or a tap on a mobile app. The
    US needs to encourage similar innovation to drive real-time adoption beyond
    niche markets.
  5. Cross-Border Ambition: The future of payments is global.
    The ability to send and receive money instantly across borders is a
    game-changer. Countries like India are leading the charge, with their UPI
    system facilitating real-time payments in multiple countries. The US, with its
    vast international network, can capitalize on this trend by working towards
    interoperable real-time payment systems with key trading partners.

As such, in what
concerns the US, their sluggish adoption is particularly striking considering
the inherent advantages the US possesses. A robust banking system, widespread
internet access, and a tech-savvy population – all the ingredients for a
real-time payments revolution seem to be present. So, what’s holding the US
back?

Part of the blame lies
in a legacy system.

The current payment infrastructure is a clunky relic from a
bygone era and it can take days for transactions to clear, a snail’s pace
compared to the real-time world we now inhabit. This slowness creates friction
– a frustration for both consumers and businesses forced to wait for their
money.

Furthermore, the US
financial sector has been slow to adapt. Unlike some of its international
counterparts, banks haven’t readily embraced the potential of real-time
payments. The fear of disruption to existing revenue streams, coupled with the
costs associated with implementing new infrastructure, has created a sense of
inertia.

However, a shift is
stirring. The 2023 launch of FedNow, a real-time payment service by the Federal
Reserve, marked a turning point. While adoption remains low, FedNow represents
a crucial step towards a more efficient payment system. The hope is that this
new infrastructure will spur innovation and entice banks to finally jump on
board.

There are compelling
reasons for them to do so.

Real-time payments offer a multitude of benefits.
For consumers, it translates to faster access to funds, increased convenience
(think splitting a restaurant bill with friends seamlessly), and potentially lower
transaction fees. Businesses, on the other hand, can benefit from faster
settlements, improved cash flow management, and the potential to tap into new
customer segments that rely on immediate access to money.

Moreover, real-time
payments have the potential to reshape entire industries. The gig economy, for
instance, thrives on instant transfers, allowing workers to get paid
immediately for their services. Similarly, real-time payments could
revolutionize how we pay bills, eliminating late fees and streamlining
financial management.

The potential impact
extends beyond domestic borders. As the global economy becomes increasingly
interconnected, the ability to send and receive money across international
borders in real-time will be paramount. Here again, the US risks falling behind
if it doesn’t modernize its payment infrastructure.

The good news is that
there are signs of progress.

The slow but steady increase in real-time
transactions in the US suggests a growing awareness of the benefits these
systems offer. Furthermore, businesses are increasingly vocal in their demands
for faster and more efficient payment solutions. This pressure, coupled with
the ongoing development of FedNow, could be the catalyst needed for a real
paradigm shift.

The race for real-time
payments supremacy has begun. While the US may be starting from behind, its
inherent strengths and growing momentum suggest it’s not out of the race. The
question remains – will the American financial sector shed its tortoise-like tendencies
and embrace the future of payments, or will it continue to be outpaced by the
nimble hares of the global financial arena? Only time will tell.

Make Money Online Pedro Ferreira

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    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa

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    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa

    📣 Stay updated with the latest in finance and trading!
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    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

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    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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  • Join 3500+ Attendees at FMAS:24 – Africa’s Premium Financial Event


    Join 3500+ Attendees at FMAS:24 – Africa’s Premium Financial Event

    Join 3500+ Attendees at FMAS:24 – Africa’s Premium Financial Event


    Join 3500+ Attendees at FMAS:24 – Africa’s Premium Financial Event

    Join 3500+ Attendees at FMAS:24 – Africa’s Premium Financial Event


    Join 3500+ Attendees at FMAS:24 – Africa’s Premium Financial Event

    Looking to expand your network in #Africa?

    Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa


    Looking to expand your network in #Africa?

    Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa

    Looking to expand your network in #Africa?

    Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa


    Looking to expand your network in #Africa?

    Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa

    Looking to expand your network in #Africa?

    Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa


    Looking to expand your network in #Africa?

    Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.

    20-22 MAY 2024
    Sandton Convention Center, Sandton, South Africa

    Register now to secure your spot: https://bit.ly/3JbUpCK

    #fmas #fmas24 #fmevents #networking #finance #africa

  • Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast


    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast


    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast


    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

    We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

    Tune in for expert analysis on the future of trading and innovative funding models.

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

    This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
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    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔


    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

    We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

    Tune in for expert analysis on the future of trading and innovative funding models.

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

    This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

    We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

    Tune in for expert analysis on the future of trading and innovative funding models.

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

    This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔


    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

    We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

    Tune in for expert analysis on the future of trading and innovative funding models.

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

    This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

    We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

    Tune in for expert analysis on the future of trading and innovative funding models.

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

    This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔


    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

    We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

    Tune in for expert analysis on the future of trading and innovative funding models.

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

    This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔

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