Does anyone sincerely believe FedNow will gain traction for consumer payments? The fees don’t seem particularly cheap (at least compared to something like Solana Pay), and the FedNow website does not inspire confidence.
If checking accounts get debit-only RTNs for cheap/free, this could potentially catch on. $0.06 per transaction with $25/month subscription fee is incredibly cheap, plus no chargebacks!
Biggest issue I see is that the larger banks might not offer this to their customers so as to not cannibalize their credit card businesses and/or in-house payment system.
Over in Europe I pay €2.20 / month for my account. Transactions are completely free for private individuals.
A business account is closer to €8 / month, with a transaction fee in the range of €0.10-€0.15. Discounts apply if you have a large transaction volume and integrate with their systems, of course.
Cheap?! That's $300/yr, and is more expensive than most credit card annual fees (for cards that even have annual fees). And with FedNow you don't get any credit card benefits. I mean, I pay $550/yr for one of my credit cards, but I get like $2k of value out of it per year in benefits. Why would I want to pay $300/yr for something that lets me do something I can already do, for free or "cheaper than free"?
The way I read it is that $25 per month is only for RTNs that can receive credits. If you just want to pay for things (like a credit card) then you don't need to pay any subscription fee.
