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However, the industry is evolving — quickly — to embrace speed, and it is expected for there to be as many as 56 real-timepayment schemes live or underway by the end of next year. The flip side, as Webster added, is that when payments are done instantly and on demand, they are irrevocable.
Some of the changes are related to new digital payments methods like P2P apps, tap-to-pay, and cryptocurrency, which are all growing options in retail environments. Other changes are centered on the challenges of bank and ATM closures limiting consumer access to cash.
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