Fed's Schmid: The widespread use of the FedNow payment system relies on merchants driving it, not banks
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Esther George, President of the Federal Reserve Bank of Kansas City, stated that the widespread use of the FedNow payment system relies more on retailers' promotion rather than banks. She pointed out that retailers like Walmart may encourage consumers to pay directly from their bank accounts to reduce credit card fees. Currently, about 1,000 financial institutions have joined FedNow, but George believes that the participation of retailers will accelerate the system's adoption
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