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FedNow will not become an alternative to consumer payment cards anytime soon, if ever. Visa & Mastercard work very well for payments between strangers.

• lxgr 2y ago
  It's not a complete payment scheme by itself, as it's missing dispute resolution (a prerequirement for payments between strangers). But who says that the same party has to offer payment rails and dispute protection? There are successful models of the two being decoupled in some markets (e.g. various providers offering fraud/chargeback insurance on top of SEPA Direct Debit in Europe).
  • cubefox 2y ago
    Dispute resolution isn't required in most cases anyway. It's already a lot safer than cash, because a permanent record proves the payment did occur. Also, chargeback insurance, in expectation, does cost the user more than he saves.
  • chgs 2y ago
    What’s the dispute protection with cash?
    • lxgr 2y ago
      None, which makes it a pretty suboptimal payment method for some transactions. I'd never buy an airline ticket in cash, for example: If the airline were to go bankrupt (which has affected me more than once in my lifetime), I'd have no recourse.