Surging Demand Fuels FedNow® Service: Transaction Volume and Value Reach New Heights

The FedNow® Service, the Federal Reserve’s real-time payment infrastructure, continues to experience explosive growth, underscoring rising demand for instant payment capabilities across the U.S. financial system.

In Q2 2025, the FedNow® Service processed 2.1 million payments, reflecting a 62.% increase in volume over the previous quarter. The total transaction value surged to $245.76 billion, marking a 405.% quarter-over-quarter increase and signaling a substantial rise in high-value payment activity.

Launched in July 2023, the FedNow® platform enables 24/7/365 real-time fund transfers between participating financial institutions. Over 1,400 banks and credit unions are now live on the service—up from approximately 900 one year after launch—demonstrating accelerating institutional adoption.

The average transaction size reached $115,332, and the network recorded an average of 23,416 payments per day, with a daily value exceeding $2.7 billion. This growth trend illustrates the platform’s increasing relevance for a wide range of use cases, including gig economy payouts, payroll disbursements, digital wallet top-ups, and instant bill payments.

Notably, the year-over-year growth is even more dramatic: transaction value is up nearly 49,000% compared to Q2 2024, when the platform handled just $492 million.

This remarkable performance positions the FedNow® Service as a foundational element in the evolution of U.S. payment infrastructure. As more institutions and businesses prioritize speed, transparency, and availability in financial transactions, FedNow® is poised to become a cornerstone of modern banking.