The current state of competition in the United States payments marketplace, in short, is dynamic.
Nonetheless, in some respects, payment systems in the United States are lagging behind those in other parts of the world by not yet offering the type of ubiquitous, fast, and secure capabilities consumers are demanding. Indeed, several countries around the world have already transitioned to, or are in the process of implementing, ubiquitous faster payment systems; the same has not yet occurred
in the U.S. Catching up has been recognized as a necessity to “help maintain [the U.S. payment system’s] global competitiveness.”