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Fed’s new instant payment system could be trouble for PayPal, Venmo

Financial services consulting firm Cornerstone Advisors reported that almost a quarter of financial institutions said they were waiting for FedNow's launch before they even considered hatching their own instant-payments strategies.

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Digital Wallet Plan from Banks Just About Butting Heads with PayPal

"The big banks are going to struggle to disrupt the digital payments leaders, says Ron Shevlin, chief research officer at Cornerstone Advisors. “PayPal is clearly the 800-pound gorilla in this space,” he says."

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