Finance:Instant payment

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Short description: Method of exchanging money and processing payments

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

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 (SEPA Instant Credit Transfer), 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

Name Country Launched Payment Sources Identifiers Notable Features Transaction Volume per year (in billions)
New Payments Platform (NPP)  Australia 2018 Bank Account PayID (Phone number, email or Australian Business Number) Recurring Payments 1.2 (2022)[12]
Wero  Belgium
 France
 Germany 		2024[13] Bank account[14] Mobile Number[15]
QR Code[16] 		Cross-border instant payment[17]
Interoperable Instant Payment System (IIPS)  Bangladesh 2025 Bank account, net bankings QR code, Mobile number, IIPS ID Instant Payment System N/A
Pix  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  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)  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)  EU 2018[33] IBAN 0.23 (2023)[34]
Instant Payment Network  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)  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]
Azonnali Fizetési Rendszer (AFR)  Hungary 2020 Bank account[39] Bank Account Number
Mobile Number
Email
Tax Number
Unified Payments Interface (UPI)  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)  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) 		 Indonesia 2019 e-Wallet
Bank account[50] 		QR Code 2.57 (2024)[51]
ZENGIN  Japan 1973 Bank Account[52] Account Number[52] Inward Remittance[53] 3 (2023)[53]
CliQ  Jordan 2020 Bank Account[54] IBAN
Account number
Alias 		0.03 (2023)[55]
Sistema de Pagos Electrónicos Interbancarios (SPEI)
(lit. Interbanking Electronic Payment System) 		 Mexico 2004 Bank Account[56] CLABE number Instant Payment System N/A
Raast  Pakistan 2021 Bank Account IBAN
Mobile Number[57] 		0.16 (2023)
InstaPay  Philippines 2018 Bank Account
e-wallet[58] 		QR Code
Account Number and Recipient's Bank Name
Mobile Number
Email ID[58] 		0.74 (2023)[59]
PESONet  Philippines 2017 Bank Account
e-wallet[60] 		Account Number and Recipient's Bank Name
Mobile Number
Email ID[61] 		0.08 (2023)[59]
BLIK  Poland 2015 Bank Account NFC
Dynamic Code[62] 		ATM Withdrawal & Deposit
Recurring Payments 		1.80 (2023)[63]
Faster Payment System (Russia)  Russia 2019 Bank Account Mobile Number 668 (2024)
Fast and Secure Transfers (FAST)  Singapore 2014 Bank Account Bank Account Number with Bank Code[64] 0.29 (2022)[65]
PayNow  Singapore 2017 Bank Account QR Code
NRIC
Mobile Number[66] 		International Remittance 0.31 (2022)[67]
Bizum  Spain
 Andorra 		2016[68] Bank Account[69] Mobile Number[69]
QR Code[69] 		Direct Donations to NGOs[68]

Cross-border instant payment[70]

1 (2022)[71]
Swish  Sweden 2012[72] Bank Account QR Code
Mobile Number[72]
TWINT  Switzerland 2017[73] Bank Account QR Code
Mobile Number
Dynamic Token[73] 		0.59 (2023)[74]
PromptPay  Thailand 2021 Bank Account QR Code
Mobile Number 		3.6 (2023)[75]
Faster Payment Service (FPS)  United Kingdom 2008 Bank Account Account Number and Recipient Name
QR Code 		Forward dated payments

Standing orders

4.5 (2023)[76]
Zelle  United States 2017 Bank Account Email
Mobile Number 		2.3 (2022)
FedNow  United States 2023 Bank Account
Visa Direct  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  Ukraine 2009 Bank Account Mobile Number 0.05 (2021)[78]
Multibanco  Portugal 1985 Bank Account Unique generated number (Referência Multibanco)
Bank Account Number
IBAN
Mobile Number (2015)
NFC (2017)
QR Code (2018) 		ATM withdrawals
In-store Payments
Government/Service Payments
Virtual Credit Cards
P2P transfers
Online Shopping
SEPA Instant Credit Transfer
(SCT Inst, SEPA Instant Payment) 		 EU 2017 Bank Account International Bank Account Number Extension of the regular SEPA transfer mechanism; must be offered by all banks in the SEPA area (since October 2025). Supports QR codes for initiating transfers. 2060 (2024)[79][80]
  1. ↑ including Faroe Islands and Greenland
  2. ↑ including Åland Islands

See also

References

  1. ↑ 1.0 1.1 "Are instant payments becoming the new normal? A comparative study". https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op229~4c5ec8f02a.en.pdf. 
  2. ↑ "Instant payments definition". European Central Bank. 2017. https://www.ecb.europa.eu/paym/retpaym/instant/html/index.en.html. 
  3. ↑ 3.0 3.1 "Digital transformation of the retail payments ecosystem". 30 November 2017. p. 3. https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov2017/Visco_30112017.pdf. 
  4. ↑ "What are instant payments?". InstaPay. 2018. https://www.instapay.today/instant-payments/. 
  5. ↑ 5.0 5.1 PYMNTS (2019-01-01). "2019: The Year Of Instant Payments". https://www.pymnts.com/news/payment-methods/2019/instant-faster-disbursements-gig-economy/. 
  6. ↑ "Instant payments are the future - here's why". 2018. https://insights.nordea.com/instant-payments-are-future-heres-why. 
  7. ↑ European Central Bank (2024-09-20). "Instant Payments Regulation" (in en). https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/instant_payments_regulation.en.html. 
  8. ↑ European Central Bank (2024-09-20). "What are instant payments?" (in en). https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/index.en.html. 
  9. ↑ "Verification Of Payee" (in en). https://www.europeanpaymentscouncil.eu/what-we-do/other-schemes/verification-payee. 
  10. ↑ Euromoney (2024-11-20). "EU Instant Payments Regulation – A Step toward Global Harmony" (in en). https://www.euromoney.com/article/2dydrunnlm53jhjwndhc0/sponsored-content/eu-instant-payments-regulation-a-step-toward-global-harmony/. 
  11. ↑ Bank, European Central (2024-07-19). "Eurosystem sets policy on access by non-bank payment service providers to its central bank payment systems" (in de). https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews20240719.de.html. 
  12. ↑ Phu, Rita (2022-11-04). "NPP Roadmap provides update on the platform's uptake and capability development". https://nppa.com.au/npp-roadmap-provides-update-on-the-platforms-uptake-and-capability-development/. 
  13. ↑ "EPI launches Wero, its innovative digital payment wallet in Germany". https://epicompany.eu/media-insights/epi-ceo-says-europe-ready-for-one-digital-wallet-2. 
  14. ↑ "Wero-Digital mobile payment with Wero: how does it work?". https://wero-wallet.eu/individuals. 
  15. ↑ "Sending money - Wero FAQ Wero". https://support.wero-wallet.eu/hc/en-us/sections/25605786788369-Sending-money. 
  16. ↑ "Wero QR code - Wero FAQ Wero". https://support.wero-wallet.eu/hc/en-us/sections/25599292070289-Wero-QR-code. 
  17. ↑ "EPI successfully executes first instant payment transactions in Europe with Wero between customers from Banque Populaire and Caisse d'Epargne (Groupe BPCE) in France and Sparkasse Elbe-Elster Bank in Germany". https://epicompany.eu/media-insights/epi-successfully-executes-first-instant-payment-transactions-in-europe-with-wero-between-customers-from-banque-populaire-and-caisse-depargne-groupe-bpce-in-france-and-sparkasse-elbe-elster-bank-in-germany. 
  18. ↑ "Banco Central do Brasil". https://www.bcb.gov.br/en/financialstability/pix_en. 
  19. ↑ "PIX - Payment Methods Encyclopedia - PayU Global". https://corporate.payu.com/payment-methods-encyclopedia/pix/. 
  20. ↑ "PIX: The new instant payment system from BACEN". https://www.ebanx.com/en/resources/payments-explained/pix-instant-payment-system/. 
  21. ↑ "Pix Automatico: the new functionality to power recurring payments". https://insights.ebanx.com/en/pix-automatico. 
  22. ↑ "PIX Troco (Change)". https://www.ebanx.com/en/resources/payments-explained/pix-troco/. 
  23. ↑ "What is the meaning of PIX Saque (Withdrawal)?". https://www.ebanx.com/en/resources/payments-explained/pix-saque-withdrawal/. 
  24. ↑ "Pix by the numbers 2023". https://20392958.fs1.hubspotusercontent-na1.net/hubfs/20392958/AA%20US%20White%20Papers/Pix%20by%20the%20Numbers%20Q3%202023.pdf. 
  25. ↑ "Bre-B continúa avanzando: el 23 de septiembre entra en funcionamiento el mecanismo del Banco de la República que permite la interoperabilidad plena del sistema de pagos inmediatos". https://www.banrep.gov.co/es/noticias/bre-b-continua-avanzando. 
  26. ↑ "Participants - Frequent questions Central Bank of Colombia". https://www.banrep.gov.co/es/bre-b/preguntas-frecuentes/participantes. 
  27. ↑ "What is Bre-B". https://www.banrep.gov.co/es/bre-b/que-es. 
  28. ↑ Herrera, Juan Martín Murillo (2025-09-01). "Sistema Bre-B permitirá hacer retiros en cajeros automáticos: así podrá hacerlo" (in es). https://www.portafolio.co/tecnologia/olvidese-de-la-tarjeta-este-es-el-sistema-que-permitira-retirar-dinero-en-cajeros-en-colombia-de-manera-mas-facil-638955. 
  29. ↑ 29.0 29.1 29.2 "World Bank FPS China IBPS Case Study". https://fastpayments.worldbank.org/sites/default/files/2021-09/World_Bank_FPS_China_IBPS_Case_Study.pdf. 
  30. ↑ "Payment System Report (2023)". http://www.pbc.gov.cn/en/3688110/3688172/5188125/5327700/2024041216580199504.pdf. 
  31. ↑ 31.0 31.1 "Lähetä rahaa" (in fi). https://mobilepay.fi/kayttajille/laheta-rahaa. 
  32. ↑ "Strong financial improvement for Vipps MobilePay". 2025-04-10. https://vippsmobilepay.com/en/news/2025/04/10/strong-financial-improvement-for-vipps-mobilepay. 
  33. ↑ What is TIPS?. 17 April 2025. https://www.ecb.europa.eu/paym/target/tips/html/index.en.html. Retrieved 25 December 2024. 
  34. ↑ TARGET Annual Report 2023. 7 June 2024. https://www.ecb.europa.eu/press/targetar/html/ecb.targetar2023.en.html. 
  35. ↑ "Instant Payment Network (IPN)". https://www.cbe.org.eg/en/payment-systems-and-services/instant-payment-network. 
  36. ↑ "Central Bank of Egypt Issues New Decrees for Extending the Exemption of Individuals from Transfer Fees via Instant Payment Network and InstaPay Application for a Renewable Period of 3 Months". 30 December 2024. https://www.cbe.org.eg/en/news-publications/news/2024/12/30/12/31/cbe-extending-the-exemption-of-individuals-from-instapay-for-a-renewable-period-of-3-months. 
  37. ↑ 37.0 37.1 "HKICL | FPS". https://fps.hkicl.com.hk/eng/fps/index.php. 
  38. ↑ "HKICL | Statistics". https://fps.hkicl.com.hk/eng/fps/about_fps/statistics.php. 
  39. ↑ IO, Moon. "GIRO Zrt. - Az idő pénz." (in hu). https://giro.hu/. 
  40. ↑ "UPI QR Code-Central Bank Digital Currency interoperability: How does it work and how do customers benefit?". 2023-09-05. https://indianexpress.com/article/explained/explained-economics/upi-qr-code-cdbc-banks-explained-e-rupee-8925038/. 
  41. ↑ Person 2 Merchant payment - VoiceSe powered by ToneTag, 16 March 2022, https://www.youtube.com/watch?v=4okaT6tl-xU, retrieved 2024-02-21 
  42. ↑ Tonetag - An app enabling offline voice payments - Nikhil Inamdar BBC WORLD, 8 March 2022, https://www.youtube.com/watch?v=58lqGZqbMbM, retrieved 2024-02-21 
  43. ↑ UPI123PAY to enable feature phone users to make digital payments, 8 March 2022, https://www.youtube.com/watch?v=RoznvXFOoCs, retrieved 2024-02-21 
  44. ↑ "UPI International Interoperability". https://www.nipl.com/how-it-works/interoperability/upi. 
  45. ↑ "RecordPay: UPI transactions crossed 100-billion mark in 2023". The Economic Times. 2024-01-03. ISSN 0013-0389. https://economictimes.indiatimes.com/tech/technology/total-upi-transactions-cross-100-billion-mark-in-2023/articleshow/106492917.cms. 
  46. ↑ ETBFSI.com. "UPI payments at peak high in December, value of transactions rises - ET BFSI". https://bfsi.economictimes.indiatimes.com/news/fintech/upi-payments-at-peak-high-in-december-value-of-transactions-rises/106468039. 
  47. ↑ 47.0 47.1 47.2 47.3 "IMPS (Immediate Payment Service) – Instant fund transfer". https://www.npci.org.in/what-we-do/imps/product-overview. 
  48. ↑ "FIR through IMPS". https://www.npci.org.in/what-we-do/imps/fir-through-imps. 
  49. ↑ "ProdIMPS Volumes". https://www.npci.org.in/what-we-do/imps/product-statistics. 
  50. ↑ "Quick Response Code Indonesian Standard (QRIS)". https://www.bi.go.id/id/fungsi-utama/sistem-pembayaran/ritel/kanal-layanan/QRIS/. 
  51. ↑ "Transaksi QRIS Melonjak 226,54%, Revolusi Pembayaran Digital di Indonesia" (in id). https://indonesia.go.id/kategori/editorial/8434/transaksi-qris-melonjak-226-54-revolusi-pembayaran-digital-di-indonesia. 
  52. ↑ 52.0 52.1 The Foundation of the Financial System "Zengin System", 25 February 2021, https://www.youtube.com/watch?v=S9vRWPavC_U, retrieved 2024-02-21 
  53. ↑ 53.0 53.1 "Zengin Statistics". https://www.zengin-net.jp/en/zengin_net/statistical_data/pdf/statistical_data_202311.pdf. 
  54. ↑ "CliQ (System)". https://www.jopacc.com/what-we-do/systems-platforms/cliq-system. 
  55. ↑ "Cliq December monthly report 2023 en". https://www.jopacc.com/sites/default/files/2024-02/december_monthly_report_2023_en.pdf. 
  56. ↑ "Interbanking Electronic Payment System (SPEI®) characteristics". https://www.banxico.org.mx/services/spei_-transfers-banco-mexico.html. 
  57. ↑ "RAAST Person to Person (P2P)". https://www.sbp.org.pk/dfs/Raast-P2P.html. 
  58. ↑ 58.0 58.1 "What is InstaPay and How Do I Use It?". 2020-10-14. https://coins.ph/academy/what-is-instapay/. 
  59. ↑ 59.0 59.1 CEDadiantiTyClea (2023-12-27). "Transactions via PESONet, InstaPay reach P11.6 trillion". https://www.bworldonline.com/banking-finance/2023/12/28/565662/transactions-via-pesonet-instapay-reach-p11-6-trillion/. 
  60. ↑ "PESONet". https://www.philpayments.org.ph/pesonet. 
  61. ↑ "Your Guide to Using PESONet". https://www.bpi.com.ph/personal/bank/remit-and-transfer/pesonet. 
  62. ↑ Blik. "First steps with BLIK". https://www.blik.com/en/first-steps-with-blik. 
  63. ↑ "BLIK sums up 2023 – nearly 1.8 billion transactions and 3 million new users" (in pl). 13 February 2024. https://www.blik.com/blik-podsumowuje-2023-r-blisko-1-8-mld-transakcji-i-3-mln-nowych-uzytkownikow. 
  64. ↑ "FAST". https://www.abs.org.sg/e-payments/fast. 
  65. ↑ "Singapore: FAST transactions volume 2022". https://www.statista.com/statistics/1325967/singapore-fast-transactions-volume/. 
  66. ↑ "PayNow Explained: A Guide to Seamless Transactions in Singapore". 2023-11-17. https://decentro.tech/blog/how-to-use-paynow/. 
  67. ↑ "Error: no |title= specified when using {{Cite web}}". https://www.dpi.global/globaldpi/singapore_paynow. 
  68. ↑ 68.0 68.1 "Learn about us, our history and our mission". https://bizum.es/en/about-us/. 
  69. ↑ 69.0 69.1 69.2 "Find out how it works and what will be used for.". https://bizum.es/en/how-does-it-work/. 
  70. ↑ Poza, Lorena (31 March 2025). "Is Bizum only in Spain? No! You can also use it outside the country.". https://bizum.com/es/en/blog/bizum-es-solo-en-espana/. 
  71. ↑ "Bizum Reaches 20 Million Users And 1 Billion Transactions". https://thecorner.eu/news-spain/spain-economy/bizum-reaches-20-million-users-and-1-billion-transactions/101384/. 
  72. ↑ 72.0 72.1 "Swish - För en enklare vardag sedan 2012.". https://swish.nu/. 
  73. ↑ 73.0 73.1 "Home - Private Customers". https://www.twint.ch/en/. 
  74. ↑ "Twint Stats 2023". 22 January 2024. https://www.twint.ch/en/press/twint-590-mio/. 
  75. ↑ "Thailand: PromptPay transactions volume 2023". https://www.statista.com/statistics/1131100/thailand-volume-of-promptpay-transactions/. 
  76. ↑ "Faster Payment System statistics". https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/faster-payment-system-statistics/. 
  77. ↑ "Visa Direct Payment Volumes Climb 8% YOY – East & Partners" (in en-AU). https://eastandpartners.com/news/visa-direct-payment-volumes-climb-8-yoy/. 
  78. ↑ "EasyPay 2021 report". https://www.easypay.pt/wp-content/uploads/2022/11/8706-CAI-202112.EN_.pdf. 
  79. ↑ European Central Bank (30 January 2025). "Payments statistics: first half of 2024". https://www.ecb.europa.eu/press/stats/paysec/html/ecb.pis2024h1~5263055ced.en.html. 
  80. ↑ European Central Bank (23 July 2025). "Payments statistics: second half of 2024". https://www.ecb.europa.eu/press/stats/paysec/html/ecb.pis2024h2~5ada0087d2.en.html. 



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