Kenneth Montgomery on the Fed’s progress with instant payments

What changes have you seen in the payment behaviour of US consumers during the pandemic?

We are certainly seeing a lot more electronic payments – particularly for things that people need on a regular basis. So, there are many more payments over the phone and in areas like restaurants, fast-food locations, big-box stores, grocery stores, those sorts of things. There is more that can be ordered online today. Certainly, that is also translating into more electronic payments.

The Federal Reserve