American Banker reports the Federal Reserve is developing a payments platform set to launch in a couple of years to help consumers complete transactions in real time.
Yet, they note, concurrently, the central bank is studying the potential creation of a digital currency, which would serve a similar purpose.
Now, a “growing number of observers are asking: Could one of those payment innovations ultimately make the other obsolete?”
The website goes on to ask if a digital dollar may make the FedNow initiative “obsolete” and they also add that FedNow is planned to be up and running by 2023, but much uncertainty still prevails as to what the payment landscape will look like two years from now with tech so rapidly evolving on a seemingly monthly basis.
This article was written by Hannah Lang and originally published on American Banker. A subscription may be required.
