I wonder how impactful things like FedNow can be, because AFAIK it doesn't have any sort of lending component built in. You can potentially route anything that

I wonder how impactful things like FedNow can be, because AFAIK it doesn't have any sort of lending component built in. You can potentially route anything that would have been a debit card sale onto it, but that does nothing for the huge percentage of transactions done with an actual credit card, either for the purpose of revolving the charge, purchase-protection benefits, or farming rewards. I recall there was a brief period in the early 2000s when there were rewards on debit card purchases, back before the fees became regulated. I think it was like a 3-cent kickback per purchase. If FedNow presented an existential threat to Visa and Mastercard Debit, they'd probably find some way to make them reappear, funding them out of their margins to keep consumer loyalty.