https://www.frbservices.org/financial-services/fednow/about....
Indeed, this is the last hurrah for PayPal. US instant payments go live early next year. They’re trying to squeeze what’s left before they’re obsolete.
PayPal is an inferior experience in just about every way; it's not instantly in my bank account (it takes days), there's huge fees, and its an unnecessary third party that adds no real value.
In 2021 alone, it had 21.5M active users and it facilitated 758M transactions. Polish National Bank (Polish counterpart of the Fed) reported that in 2019, online transactions using Blik have surpassed in volume online payments using credit cards.