The Outer Worlds may not feature one large open-world, but the individual zones are still large enough to necessitate fast travel. How then do you do it?
Go to your map in the menu, and highlight blue compasses.
Most locations you visit will unlock a fast travel point, shown on your map as a blue compass. Using them is pretty straight-forward: scroll your cursor over the fast travel point you wish to use, and click A/X on the controller. As long as you are not in combat, or inside a building you had to load into you can fast travel. It doesn’t cost anything, so you can fast travel with impunity.
There are two large caveats to fast travelling, however. Like most RPG’s, you can’t utilize it if you are over-encumbered, though the Traveler perk within the first perk tier will remove this limitation. The second limitation is tied to difficulty: if you are playing on Supernova you can only fast travel to your ship, and no where else. This is helpful, when you consider your need to sleep in this mode and the fact you can only do so on the Unreliable. That does mean you’ll be hoofing it everywhere else, though.
One final note: you can only fast travel between fast travel points on the same planet. You need to use the navigation terminal in your ship if you want to go to a new world. That all said, that’s essentially how The Outer Worlds fast travel is handled.