Google's suggestions for the Fed could be effective, but they could also accelerate the threat big tech firms are posing to US payments and commerce:
In the letter, Google suggested modeling FedNow off of India's Unified Payments Interface — a network that enables mobile transactions — including offering support for low- and high-value payments and using messaging standards with "extended metadata.
Google's suggestions could be effective, considering the UPI's success, but they could also accelerate the threat big tech firms are posing to payments and commerce in the US. The UPI's rapid growth represents a viable model for success. With monthly UPI transactions surging from 100,000 in its first year to four years later, it's undoubtedly an effective model for growth. For the Fed, which is mandated to break even on its platform, enabling as many players as possible to use the rails in order to grow could be a tactic in achieving that goal.
But Google's proposal could most benefit big tech firms and FedNow's peers. Google, which leveraged the UPI to build Google Pay and now the leading share of volume on that platform, likely sees a similar opportunity in FedNow as it edges into payments.
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