[nickvanw]

I would bet money on the opposite happening: The Fed is not going to release a social app that interrupts the network effects of all of those systems. Zelle may be the one that has the most to worry about, because it is partnered with big banks and powers a lot of their transfer systems.

PayPal, Venmo, etc. will all start to use FedNow in the backend to provide for a better product experience and charge the same fee, but spend less on settlement.

These are better payment rails, not the wholesale replacement of how people send money to each other in the USA.

[gamblor956]

Zelle isn't partnered with the big banks. It is literally owned by them as a joint venture created for the sole purpose of facilitating the bank-to-bank transfer system.

[ru552]

It's owned by a few of them and then partnered with the rest of them.

[Bytewave81]

So... it's America's Interac?