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PULSE Perspectives - November 2026

A road stretches to the horizon with the sun and clouds in the background

PULSE offers its perspective on developments and trends in debit and the payments industry. In this installment of PULSE Perspectives, we look at:

  • The continued expansion of peer-to-peer (P2P) payments;
  • The Federal Reserve’s final push to implement GENIUS Act rules; and
  • EMVCo’s proposed framework for agentic card payments.

P2P Payments Continue to Expand

P2P payments continue to expand into new uses. Zelle processed more than 4 billion transactions totaling $1.2 trillion in 2025, with nearly a third of that volume involving small businesses. The 2026 PULSE Debit Issuer Study reflects the broader trend, with data showing that account-to-account debit transactions increased 16% year-over-year while such non-purchase activity now represents about 10% of debit transactions.

Sources: PaymentsJournal, 2026 PULSE Debit Issuer Study

Perspective: Financial institutions should consider how expanding money-movement capabilities can strengthen the primary account relationship. PULSE also suggests evaluating opportunities for making P2P, account funding, payouts, and other transfers convenient, secure, and integrated with the broader account experience.

OCC Targets November for Final GENIUS Act Rules

The Office of the Comptroller of the Currency (OCC) is working to finalize stablecoin regulations by November as it implements the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The rules will establish requirements for reserves, liquidity, risk management, and supervision. The agency expects to begin accepting applications from prospective stablecoin issuers in 2027.

Source: PYMNTS

Perspective: PULSE is closely monitoring activity in the cryptocurrency regulatory space, specifically as it pertains to stablecoins and the GENIUS Act. We will continue to evaluate developments as more detailed regulations for these payment vehicles are created.

EMVCo Proposes Framework for Agentic Card Payments

EMVCo has released a draft framework for card payments made by AI agents acting on behalf of consumers. The framework would help payment participants verify what a consumer authorized an agent to do. It also lays the groundwork for identifying AI agents and distinguishing agent-initiated transactions from traditional card payments.

Source: Digital Transactions

Perspective: Institutions should review whether existing controls can distinguish customer activity from actions taken by authorized AI agents. Clear records of customer consent and agent activity will also be important for managing fraud and disputes as adoption grows.