US Fast-Payment Adoption Not a Problem, Just a Different Solution

The United States has been criticized for being behind on fast-payment adoption, but according to a recent analysis by the Richmond Federal Reserve, this criticism may be misplaced. The U.S. recorded just 0.12 fast-payment transactions per capita per month as of Q1 2026, which is significantly lower than countries like Brazil and Thailand.

However, instead of being slow on fast payments, the U.S. has actually solved the problem before building the infrastructure to support it. Americans are simply using different rails, such as Zelle, Venmo, and PayPal, which deliver instant-feel settlement without relying on true real-time settlement.

The average transaction value in the U.S. is also much higher than in emerging markets, with FedNow transactions averaging nearly $100,000 and RTP transactions averaging over $99,000. This suggests that fast-payment rails are being used for business-to-business settlement and large transactions, rather than everyday consumer transactions.

The analysis suggests that the adoption gap between the U.S. and other countries reflects different problems being solved. Emerging markets need fast payments to replace physical money and fill a lack of banking infrastructure, while the U.S. has already filled this gap with platform innovation.