Will FedNow become as recognizable as Visa?

Author

Stephen Babcock
March 31, 2023

In July, the Federal Reserve is set to roll out a new service that facilitates instant payments, which are transferred directly between accounts in real-time. The launch of FedNow comes as real-time payments are growing across the world, according to new data from ACI Worldwide. It will also give retailers a new payment option to offer shoppers that are increasingly seeking choice and flexibility. Will FedNow become just as recognizable as Visa on checkout pages?

The acceleration of direct-to-consumer sales in the pandemic is giving way to a period where selling through an owned website or store becomes part of an omnichannel strategy. No matter how a brand started, it’s increasingly important to diversify channels, rather than betting on just one approach. – Retail Brew

After a successful test, Kohl’s is adding to the assortment of products and categories available on its third-party marketplace. It comes as the department store retailer is aiming to grow its retail media network. Digital now accounts for 30% of sales at Kohl's, and new CEO Tom Kingsbury wants to keep growing that share.

Under new CEO Joe Yan, Wish is planning a series of shopping events as it seeks to reverse its fortunes. The platform is aiming to speed up shipping times, and emphasize cross-border commerce. Executives see Wish as a browsing-based experience, rather than a platform where consumers visit with plans to buy something in particular. – Retail TouchPoints

Economic data released at the end of March is delivering a mixed picture of the consumer. Consumer spending and inflation cooled. Meanwhile, separate measures of the consumer mood showed conflicting results. Yet the University of Michigan’s consumer sentiment gauge delivered a stark warning about the consumer outlook for a recession.

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