Instant payment (sometimes referred to as real-time payment or faster payment) is a method of exchanging money and processing payments, allowing for almost immediate transfer of money between bank accounts, instead of the more typical one to three business days.[1]
Many countries have implemented instant payment systems, and many instant payment systems and platforms are currently under development worldwide, due to increased need for faster and reliable transactions.[1]
The Euro Retail Payments Board (ERPB) define instant payments as: Template:Blockquote
Background
The growth of e-commerce has caused changes in people's spending patterns. Shopping is no longer confined to regular business hours, creating new challenges for funds transfers.[2] Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.[3]
Traditional electronic payments like simple bank transfers, that perform the electronic funds transfer within few business days, are not in line with user expectations. It is predicted[4]Template:By whom that, in the next year,Template:When instant payments will become the standard for electronic fund transfers, where customers will be able to digitally access their insurers and manage their funds.[5]
Examples
| Country | System |
|---|---|
| Template:Flag | NPP - New Payments Platform,[6] available from February 2018 |
| Template:Flag | Pix, released in October 2020 and available since November 2020 |
| Template:Flag | IBPS - Internet banking payment system,[7] implemented in 2010 |
| Template:Flag | MobilePay, since 2013 |
| Template:Flag | RT1, available from November 2017 and TIPS - TARGET Instant Payments Settlement,[8] available from November 2018 |
| Template:Flag | Faster Payment System - available since 2018 |
| Template:Flag | IMPS - Immediate Payment Service, implemented in 2010 and UPI - Unified Payments Interface, implemented in 2016 |
| Template:Flag | ZENGIN, implemented in 1973 |
| Template:Flag | Vipps, since 2015. |
| Template:Flag | InstaPay |
| Template:Flag | Raast since 2019 |
| Template:Flag | Blik since 2015 |
| Template:Flag | Template:Ill - Fast Payments System,[9] available from 2019 |
| Template:Flag | Swish,[10][11] since 2012, retail since 2014 |
| Template:Flag | Twint,[12] since 2017 |
| Template:Flag | PromptPay, which is operated by VocaLink[13] |
| Template:Flag | Faster Payments Service (FPS), available since 2008, which is operated by VocaLink |
| Template:Flag | Zelle,[14] available since 2016 and Venmo,[15] available since 2013 and The Clearing House's RTP - Real-Time Payments,[16] available since 2017 and FedNow, launched in mid-2023[17] |
See also
References
- ↑ 1.0 1.1 Are instant payments becoming the new normal? A comparative study. European Central Bank. Retrieved August 5, 2020.
- ↑ Digital transformation of the retail payments ecosystem. www.bancaditalia.it. Banca d'Italia(November 30, 2017). Retrieved September 2, 2018.
- ↑ What are instant payments?. www.instapay.today. InstaPay. Retrieved September 2, 2018.
- ↑ 2019: The Year Of Instant Payments, PYMNTS. PYMNTS.com(2019-01-01). Retrieved 2019-08-20.
- ↑ Instant payments are the future - here's why. insights.nordea.com. Nordea. Retrieved September 2, 2018.
- ↑ The New Payments Platform.
- ↑ {{{title}}}.
- ↑ В России запустили систему быстрых платежей(2019-01-28).
- ↑ Swish - Betala enklare. Swish. Retrieved 2018-04-02.
- ↑ Template:Cite encyclopedia
- ↑ Simply Twint it.
- ↑ Transforming Thailand to a digital economy.
- ↑ "Zelle, the Banks' Answer to Venmo, Proves Vulnerable to Fraud", April 22, 2018, The New York Times, retrieved February 10, 2020
- ↑ Venmo Revenue and Usage Statistics (2021)(2020-09-02).
- ↑ Real Time Payments.
- ↑ Federal Reserve Board - FedNow Service. Board of Governors of the Federal Reserve System. Retrieved 26 October 2022.