Waiting 10 years for instant payments feels like the ultimate irony, the underwhelming punchline of a failed joke. But for the 329.5 million people living in the US, it is a reality.
Businesses and consumers alike find themselves refreshing online balances for up to five days to see if an invoice or salary has finally cleared. Meanwhile, purchases are taken instantly, leaving people routinely out of pocket. For the 61% of Americans who live paycheque to paycheque, the glacial processing must be agonising. And for many other countries – like Japan, whose real-time payments system is now 41 years old – it is baffling.
