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Visa and Mastercard have surged over the past two decades, reaching a combined $1 trillion market cap. That has attracted unwanted attention from regulators.
That’s essentially what FedNow wants to be, except the goal is to replace the debit card network.
Trying to start a new debit card network is a chicken-and-egg problem.
Not when you’re a government.
Mandate that payment processors have to support the state debit network and you’ll be on half the terminals in the country in under a year.