Instant payment

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Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.[1]

Since the mid-2010s many countries have implemented instant payment systems that speed up the transfer between bank accounts in response to customer demand for faster transactions.[1]

The Euro Retail Payments Board (ERPB) in 2018 defined instant payments as:

Electronic retail payment solutions available 24/7/365 and resulting in the immediate or close-to-immediate interbank clearing of the transaction and crediting of the payee’s account with confirmation to the payer (within seconds of payment initiation).[2]

History

[edit | edit source]

Originally clearing of payments was based on the cheque clearing cycle that required physical cheques to be exchanged by banks at clearing houses for payments to be made between bank accounts. When electronic payments entered the banking systems from the 1970s onwards, the same timeframes and processes were used to settle these electronic payments.

The growth of e-commerce since the 2000s has caused a change in people's spending patterns and expectations. Shopping is no longer confined to regular business hours, creating new challenges for funds transfers.[3] Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.[4]

Traditional electronic payments like bank transfers, that perform the electronic funds transfers within a few business days, are not in line with user expectations.[5][6]

In 2024, EU adopted Instant Payment Regulation, aiming to accelerate instant payments in Europe. For EU member states operating in euro it partially took affect in January 2025, for non-euro member states it will partially take affect in January 2027. This regulation includes requirements to send and receive transfers within 10 seconds, as well as to implement the Verification of Payee service.[7][8] The Verification of Payee allows payment service providers (PSPs) to verify the IBAN and the name of the payee as given by the payer. It will help to reduce scams and incorrect transfers.[9][10] The regulation also allowed non-bank financial institutions access central bank-operated payment systems like TARGET. This opened an access to several SEPA services for fintechs and neobanks in Europe.[11]

Notable instant payment systems by country

[edit | edit source]
Name Country Launched Payment Sources Identifiers Notable Features Transaction Volume per year (in billions)
New Payments Platform (NPP) File:Flag of Australia (converted).svg Australia 2018 Bank Account PayID (Phone number, email or Australian Business Number) Recurring Payments 1.2 (2022)[12]
Wero File:Flag of Belgium (civil).svg Belgium

File:Flag of France.svg France
File:Flag of Germany.svg Germany

2024[13] Bank account[14] Mobile Number[15]
QR Code[16] 		Cross-border instant payment[17]
Interoperable Instant Payment System (IIPS) File:Flag of Bangladesh.svg Bangladesh 2025 Bank account, net bankings QR code,

Mobile number, IIPS ID

Instant Payment System N/A
Pix File:Flag of Brazil.svg Brazil 2020[18] Bank Account[19] QR Code

Email

Mobile Number

Pix Key/Alias[20]

Recurring Payments (Pix Automático)[21]

Get change as cash at merchants (Pix Troco)[22]

Cash withdrawal (Pix Saque)[23]

42 (2023)[24]
Bre-B File:Flag of Colombia.svg Colombia 2025[25] Bank Account

Cooperative[26]

QR Code

ID Number Mobile Number Email Alias[27]

Instant Payment System

ATM withdrawal[28]

Recurring Payments

-
Internet Banking Payment System (IBPS) File:Flag of the People's Republic of China.svg China 2010 Bank Account

e-wallet[29]

QR Code

Mobile Number[29]

Recurring Payments[29] 16.98 (2023)[30]
Vipps and MobilePay
2013 (MP)

2015 (Vipps)

Debit/Credit Card

Bank Account

Mobile Number[31] Common app for users of all banks

Ability to chat.[31]

1.52 (2024)[32]
TARGET Instant Payment Settlement (TIPS) File:Flag of Europe.svg EU 2018[33] IBAN 0.23 (2023)[34]
Instant Payment Network File:Flag of Egypt.svg Egypt 2022[35] Bank Account, Meeza Prepaid Card Instant Payment Address (IPA)

Mobile Number Card Number Bank Account Number IBAN QR Code URL

Unified app for inter-bank transfers

Send money requests

1.5 (2024)[36]
Faster Payment System (FPS) File:Flag of Hong Kong.svg Hong Kong 2018 e-wallet, Bank Account[37] QR Code

Mobile Number[37]

Supports both Hong Kong Dollar & Chinese Yuan Renminbi 0.531 (2023)[38]
GIRO Zrt File:Flag of Hungary.svg Hungary 2020 Bank Account[39] Bank Account Number

Mobile Number

Email

Tax Number

-
Unified Payments Interface (UPI) File:Flag of India.svg India 2016 Bank Account

Prepaid Wallet

Credit Card

Credit Line

CBDC Stored Value[40]

QR Code

NFC

UPI ID

Mobile Number

Sound Pattern[41][42]

Bank Account Number with IFSC

Recurring Payments (UPI AutoPay)

Foreign Inward Remittance

Payments without Internet/Network (UPI Lite X)

Feature phone compatibility[43]

UPI OneWorld (for tourists)

ATM Withdrawal

International Payments[44]

Distributed by ecosystem of apps, some of which provide value added features like chat

Apps allow linking multiple payment sources, from all service providers in a unified manner

117.6 (2023)[45][46]
Immediate Payment Service (IMPS) File:Flag of India.svg India 2010[47] Bank Account[47] Mobile Money Identifier (MMID)[47]

Bank Account Number with IFSC.[47]

Foreign Inward Remittance (FIR)[48] 5.8 (2023)[49]
Quick Response Code Indonesia Standard
(QRIS) 		File:Flag of Indonesia.svg Indonesia 2019 e-Wallet
Bank account[50] 		QR Code 2.57 (2024)[51]
ZENGIN File:Flag of Japan.svg Japan 1973 Bank Account[52] Account Number[52] Inward Remittance[53] 3 (2023)[53]
CliQ File:Flag of Jordan.svg Jordan 2020 Bank Account[54] IBAN

Account number Alias

0.03 (2023)[55]
Raast File:Flag of Pakistan.svg Pakistan 2021 Bank Account IBAN

Mobile Number[56]

0.16 (2023)
InstaPay File:Flag of the Philippines.svg Philippines 2018 Bank Account

e-wallet[57]

QR Code

Account Number and Recipient's Bank Name Mobile Number Email ID[57]

0.74 (2023)[58]
PESONet File:Flag of the Philippines.svg Philippines 2017 Bank Account

e-wallet[59]

Account Number and Recipient's Bank Name

Mobile Number Email ID[60]

0.08 (2023)[58]
BLIK File:Flag of Poland.svg Poland 2015 Bank Account NFC

Dynamic Code[61]

ATM Withdrawal & Deposit

Recurring Payments

1.80 (2023)[62]
Fast and Secure Transfers (FAST) File:Flag of Singapore.svg Singapore 2014 Bank Account Bank Account Number with Bank Code[63] 0.29 (2022)[64]
PayNow File:Flag of Singapore.svg Singapore 2017 Bank Account QR Code

NRIC Mobile Number[65]

International Remittance 0.31 (2022)[66]
Bizum File:Flag of Spain.svg Spain
File:Flag of Andorra.svg Andorra 		2016[67] Bank Account[68] Mobile Number[68]

QR Code[68]

Direct Donations to NGOs[67]

Cross-border instant payment[69]

1 (2022)[70]
Swish File:Flag of Sweden.svg Sweden 2012[71] Bank Account QR Code

Mobile Number[72]

-
TWINT File:Flag of Switzerland (Pantone).svg  Switzerland 2017[73] Bank Account QR Code

Mobile Number Dynamic Token[73]

0.59 (2023)[74]
PromptPay File:Flag of Thailand.svg Thailand 2021 Bank Account QR Code

Mobile Number

3.6 (2023)[75]
Faster Payment Service (FPS) File:Flag of the United Kingdom.svg United Kingdom 2008 Bank Account Account Number and Recipient Name

QR Code

Forward dated payments

Standing orders

4.5 (2023)[76]
Zelle File:Flag of the United States.svg United States 2017 Bank Account Email

Mobile Number

2.3 (2022)
FedNow File:Flag of the United States.svg United States 2023 Bank Account
Visa Direct File:Flag of the United States.svg United States 2025 Bank Account with Visa Debit Card Debit Card number with cardholder's name Converted to an instant payment system in April 2025, for customers in the US[3]

Visa Direct is different from Visa's card payment service, which is not an instant payment system[5]

10 (2024)[77]
EasyPay File:Flag of Ukraine.svg Ukraine 2009 Bank Account Mobile Number 0.05 (2021)[78]
  1. ^ including Faroe Islands and Greenland
  2. ^ including Åland Islands

See also

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References

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  1. ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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  29. ^ a b c Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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  31. ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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  77. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  78. ^ EasyPay 2021 report
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