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NewBriefs

Thanksgiving was a jolly good shopping weekend TCH to raise the RTP transaction limit to $10 million

The Thanksgiving-Cyber Monday shopping weekend The Clearing House (TCH) will raise the RTP network’s
drew 191 million shoppers, surpassing pre-pandemic lev- individual transaction limit from $1 million to $10 million,
els and exceeding initial predictions. Brick-and-mortar effective Feb. 9, 2025. This increase supports growing de-
stores saw gains, with 126 million Americans shopping in- mand for larger instant payments in sectors like real es-
store, while online traffic dipped slightly to 124.3 million. tate and supply chain transactions. Businesses will ben-
Despite fewer online shoppers, Black Friday online sales efit from real-time cash concentration and daily merchant
rose 14.6 percent year-over-year. payouts instead of delayed settlements, TCH stated.
According to Mastercard, retail sales increased 3.1 per- TCH reported that the RTP network averages 1 million
cent over 2023, with strong in-store momentum continu- payments daily, handling 31.9 million transactions worth
ing through the weekend. Consumers spent an average $25.7 billion in October 2024 alone. Since its launch, RTP
of $235 on gifts, focusing on categories like clothing, toys, has processed over $500 billion in payments. The in-
and gift cards. NRF reported 81.7 million in-store Black creased transaction cap aligns with today’s 24/7 economy,
Friday shoppers, marking the highest level since the pan- where 42 percent of RTP payments occur outside tradi-
demic. tional business hours.

Retailers benefited from omnichannel strategies, as 63 per- While RTP leads in transaction value, the Fed’s competing
cent of shoppers used mobile devices. While the holiday FedNow service trails significantly, with a limit of $100,000
season is shortened this year, consumer demand remains and lower adoption rates. From January to August 2024,
steady, with early promotions boosting traffic. Spending FedNow handled only 414,827 transactions, though par-
on experiences like travel also saw increases, particularly ticipation has grown to nearly 1,000 financial institutions.
among high-income consumers. With strong momentum TCH’s transaction limit increase reinforces RTP’s role as
and value-focused shoppers, the NRF expects holiday the leading U.S. real-time payments network.
sales to reach $979.5 billion to $989 billion.

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