The payment volume over Zelle, which is instantaneous, free, bank-to-bank transfers, was about $307 billion in 2020. For ACH transactions, it was about $62 tril

The payment volume over Zelle, which is instantaneous, free, bank-to-bank transfers, was about $307 billion in 2020. For ACH transactions, it was about $62 trillion (not a typo). Wire transfers are also a thing. So are, for that matter, checks, which by ancient custom are free for all parties but the banks (at least for retail users). That the payment industry exists when all of the above is true is a fascinating topic. I should probably cover it in a newsletter sometime.