[toomuchtodo]

2-3 years isn't that long in financial services. Sure, The Clearing House provides an RTP platform (and is also a financial rail for Zelle payments). Can they do it as cheap as the Fed offering FedNow as a utility similar to ACH? And to every deposit account provider in the US at a reasonable cost? Probably not. Doesn't matter how many deposit accounts you cover if someone is going to come eat your lunch because they have a Congressional mandate.

Agree on interchange compression (it's fairly obvious credit card networks are overpaid for what they offer, so of course innovation is going to bring revenue destruction), but there's no way virtual and prepaid cards are going to make up the shortfall (especially with Congress starting to lean left and progressive banking policies on the table, such as central bank pass through accounts, negating the need for prepaid cards when deposit accounts become accessible to everyone).

Long story short, finance still consumes too much of a percentage of GDP, and it's a good thing when tech comes along that pushes that drag down.