Comment by delfinom

>wouldn't start taxing transactions until FedNow is the only game in town or all other payment systems also give them that kind of visibility.

....Or they can just demand banks immediately start taxing transactions per merchant codes _right now_ without FedNow. And the banks would comply. They don't need real time visibility. The bank could take money off the top and/or send the tax form required to you at the end of year and IRS just like anything else. It would just be similar to Form 8949.