Reed Luhtanen, Executive Director, FPC
This month, we released the fifth iteration of the FPC’s Faster Payments Barometer, sponsored by Volante Technologies. The annual examination of industry developments, perspectives, and opinions on faster payments is a critical undertaking to help us understand where we are, where we are going, and how we can get there.
Growing adoption
This year’s Barometer found that the industry is aggressively leveraging or adopting faster payments. According to the 2025 results, 64% of respondents have implemented or plan to implement RTP®. Almost 90% have implemented or plan to implement the FedNow® Service. And the projected growth rates for these platforms are staggering. Over the next five years, the anticipated growth for RTP is 117% and 193% for the FedNow Service, not to mention more than 100% anticipated growth for Push-to-Card adoption. That equates to a significant amount of adoption in a short period of time, fueling growing use of faster payments.
Respondents also told us these payments will be powered by a variety of use cases, with financial institutions and business end users demonstrating different desires when it comes to use cases. Financial institutions want to use faster payments for P2P Payments, Bill Pay, Payroll, and A2A Transfers. Business end users would prefer to use faster payments for e-Commerce, Point-of-Sale Transactions, Invoicing/Supplier Payments, and Treasury Management. While this data points to a wide range of needs, the good news is that existing functionality ensures we can meet the varied needs of all those who need and use faster payments.
Addressing barriers
Despite faster payments’ promise, barriers remain, and they contribute to frustrations around faster payments progress. According to the 2025 Barometer, only 41% of larger financial institutions believe the United States is making satisfactory progress towards faster payments adoption, and when it comes to business end users, only 28% indicate satisfactory progress. Addressing barriers will be pivotal to changing industry perspectives on progress.
Fraud, once again, was cited as a top challenge to adoption of faster payments. Thirty-four percent of respondents who are already leveraging faster payments indicated they are seeing an increase in fraud. But solutions exist to negate fraud’s impact. For instance, 84% of financial institution respondents cited multi-factor authentication as a top mitigation service. When leveraged, this value-added service significantly aids in risk and fraud reduction.
In addition, the 2025 Barometer found distinct differences in the challenges cited by financial institutions versus businesses. For financial institutions, high upfront costs served as the most significant barrier to adoption. Roughly 60% of this segment cited it as the top challenge to faster payments adoption and use. For non-financial institution respondents, 60% indicated that it was a lack of ubiquity and interoperability that served as their biggest hurdle. Fortunately, continued industry collaboration and development of innovative solutions to support quick and cost-effective implementation are already helping to address these pain points and offer a path forward.
A growing demand
Despite these challenges, faster payments remain critical to the payments industry. The 2025 Barometer revealed that 80% of respondents believe faster payments are a must-have service, with financial institutions and businesses alike citing this sentiment. This confidence in faster payments as an industry requirement simply reiterates their necessity to the future of the industry.
With these findings as our metrics, we can see clearly that we are in a faster payments growth surge. Financial institutions and businesses are using and adopting faster payments at a significant rate. They are seeing the potential these payments can offer their organizations and the customers they serve, while acknowledging future potential. And, while there’s work to be done, ultimately, the Barometer points to a very bright faster payments future, one that will be made reality through the work of the FPC.
If you have not had a chance to take a look at the results of the 2025 Faster Payments Barometer, view the press release and infographic here.