instant payment

{{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.{{cite web |url=https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op229~4c5ec8f02a.en.pdf |title=Are instant payments becoming the new normal? A comparative study |author= |website=European Central Bank |access-date=5 August 2020}}

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.

The Euro Retail Payments Board (ERPB) in 2018 defined instant payments as: {{blockquote|text=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).{{cite web |url=https://www.ecb.europa.eu/paym/retpaym/instant/html/index.en.html |title=Instant payments definition |publisher=European Central Bank |year=2017 |website=ecb.europa.eu |access-date=8 September 2018}}}}

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.{{cite web |url=https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov2017/Visco_30112017.pdf |title=Digital transformation of the retail payments ecosystem|page=3 |publisher=Banca d'Italia |date=30 November 2017 |website=bancaditalia.it |access-date=2 September 2018}}

Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.{{cite web |url=https://www.instapay.today/instant-payments/ |title=What are instant payments? |publisher=InstaPay |year=2018 |website=instapay.today |access-date=2 September 2018 |archive-date=6 March 2017 |archive-url=https://web.archive.org/web/20170306230656/http://www.instapay.today/instant-payments/ |url-status=dead }}

Traditional electronic payments like bank transfers, that perform the electronic funds transfers within a few business days, are not in line with user expectations.{{Cite web|url=https://www.pymnts.com/news/payment-methods/2019/instant-faster-disbursements-gig-economy/|title=2019: The Year Of Instant Payments|last=PYMNTS|date=2019-01-01|website=PYMNTS.com|access-date=2019-08-20}}{{cite web |url=https://insights.nordea.com/instant-payments-are-future-heres-why |title=Instant payments are the future - here's why |publisher=Nordea |year=2018 |website=insights.nordea.com |access-date=2 September 2018}}

Notable instant payment systems by country

class="wikitable sortable"

!Name

!Country

!Launched

!Payment Sources

!Identifiers

!Notable Features

!Transaction Volume per year (in billions)

New Payments Platform (NPP)

| {{flag|Australia}}

|2018

|Bank Account

|PayID (Phone number, email or Australian Business Number)

|Recurring Payments

|1.2 (2022){{Cite web |last=Phu |first=Rita |date=2022-11-04 |title=NPP Roadmap provides update on the platform's uptake and capability development |url=https://nppa.com.au/npp-roadmap-provides-update-on-the-platforms-uptake-and-capability-development/ |access-date=2024-02-21 |website=NPPA}}

Wero

|{{flag|Belgium}}

|2024{{Cite web |title=EPI launches Wero, its innovative digital payment wallet in Germany|url=https://epicompany.eu/media-insights/epi-ceo-says-europe-ready-for-one-digital-wallet-2|access-date=2025-05-22 |website=epicompany.eu}}

|Bank account{{Cite web |title=Wero-Digital mobile payment with Wero: how does it work?|url=https://wero-wallet.eu/individuals |access-date=2025-05-22 |website=wero-wallet.eu}}

|Mobile Number{{Cite web |title=Sending money - Wero FAQ Wero|url=https://support.wero-wallet.eu/hc/en-us/sections/25605786788369-Sending-money |access-date=2025-05-22 |website=support.wero-wallet.eu}}
QR Code{{Cite web |title=Wero QR code - Wero FAQ Wero|url=https://support.wero-wallet.eu/hc/en-us/sections/25599292070289-Wero-QR-code |access-date=2025-05-22 |website=support.wero-wallet.eu}}

|Cross-border instant payment{{Cite web |title=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|url=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|access-date=2025-05-22 |website=epicompany.eu}}

Pix

| {{flag|Brazil}}

|2020{{Cite web |title=Banco Central do Brasil |url=https://www.bcb.gov.br/en/financialstability/pix_en |access-date=2024-02-21 |website=bcb.gov.br}}

|Bank Account{{Cite web |title=PIX - Payment Methods Encyclopedia - PayU Global |url=https://corporate.payu.com/payment-methods-encyclopedia/pix/ |access-date=2024-02-21}}

|QR Code

Mobile Number

Pix Key/Alias{{Cite web |title=PIX: The new instant payment system from BACEN {{!}} EBANX |url=https://www.ebanx.com/en/resources/payments-explained/pix-instant-payment-system/ |access-date=2024-02-21 |website=ebanx.com}}

|Get change as cash at merchants (Pix Troco){{Cite web |title=PIX Troco (Change) {{!}} EBANX |url=https://www.ebanx.com/en/resources/payments-explained/pix-troco/ |access-date=2024-02-21 |website=ebanx.com}}

Cash withdrawal (Pix Saque).{{Cite web |title=What is the meaning of PIX Saque (Withdrawal)? {{!}} EBANX |url=https://www.ebanx.com/en/resources/payments-explained/pix-saque-withdrawal/ |access-date=2024-02-21 |website=ebanx.com}}

|42 (2023){{Cite web |title=Pix by the numbers 2023 |url=https://20392958.fs1.hubspotusercontent-na1.net/hubfs/20392958/AA%20US%20White%20Papers/Pix%20by%20the%20Numbers%20Q3%202023.pdf}}

Internet Banking Payment System (IBPS)

| {{flag|China}}

|2010

|Bank Account

e-wallet{{Cite web |title=World Bank FPS China IBPS Case Study |url=https://fastpayments.worldbank.org/sites/default/files/2021-09/World_Bank_FPS_China_IBPS_Case_Study.pdf}}

|QR Code

Mobile Number

|Recurring Payments

|16.98 (2023){{Cite web |date= |title=Payment System Report (2023) |url=http://www.pbc.gov.cn/en/3688110/3688172/5188125/5327700/2024041216580199504.pdf |access-date= |website=People's Bank of China}}

Vipps and MobilePay

|{{Unbulleted list|

|{{flag|Finland}}{{efn|including Åland Islands}}

|{{flag|Norway}}

|{{flag|Sweden}}

}}

|2013 (MP)

2015 (Vipps)

|Debit/Credit Card

Bank Account

|Mobile Number{{Cite web |title=Lähetä rahaa |url=https://mobilepay.fi/kayttajille/laheta-rahaa |access-date=2024-02-21 |website=mobilepay.fi |language=fi}}

|Common app for users of all banks, ability to chat.

| 1.52 (2024){{Cite web |date=2025-04-10 |title=Strong financial improvement for Vipps MobilePay |url=https://vippsmobilepay.com/en/news/2025/04/10/strong-financial-improvement-for-vipps-mobilepay |url-status=live |access-date=2025-05-24 |website=Vipps MobilePay AS}}

TARGET Instant Payment Settlement (TIPS)

|{{Flag|EU}}

|2018{{cite web |website=European Central Bank |title=What is TIPS? |date=17 April 2025 |url=https://www.ecb.europa.eu/paym/target/tips/html/index.en.html |access-date={{date|2024-12-25}}}}

|IBAN

|0.23 (2023){{Cite journal |title=TARGET Annual Report 2023 |url=https://www.ecb.europa.eu/press/targetar/html/ecb.targetar2023.en.html |website=European Central Bank|date=7 June 2024 }}

Instant Payment Network

|{{Flag|Egypt}}

|2022{{Cite web |title=Instant Payment Network (IPN) |url=https://www.cbe.org.eg/en/payment-systems-and-services/instant-payment-network }}

|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

|0.02 (2023){{Cite news |title=CBE reports EGP 112.7 billion in InstaPay transactions over one year |url=https://english.ahram.org.eg/News/492470.aspx |work=Al-Ahram}}

Faster Payment System (FPS)

| {{flag|Hong Kong}}

|2018

|e-wallet, Bank Account{{Cite web |title=HKICL {{!}} FPS |url=https://fps.hkicl.com.hk/eng/fps/index.php |access-date=2024-02-21 |website=fps.hkicl.com.hk}}

|QR Code

Mobile Number

|Supports both Hong Kong Dollar & Chinese Yuan Renminbi

|0.531 (2023){{Cite web |title=HKICL {{!}} Statistics |url=https://fps.hkicl.com.hk/eng/fps/about_fps/statistics.php |access-date=2024-02-21 |website=fps.hkicl.com.hk}}

GIRO Zrt

| {{flag|Hungary}}

|2020

|Bank Account{{Cite web |last=IO |first=Moon |title=GIRO Zrt. - Az idő pénz. |url=https://giro.hu/ |access-date=2024-02-21 |website=giro.hu |language=hu}}

|Bank Account Number

Mobile Number

Tax Number

| -

Unified Payments Interface (UPI)

|{{flag|India}}

|2016

|Bank Account

Prepaid Wallet

Credit Card

Credit Line

CBDC Stored Value{{Cite web |date=2023-09-05 |title=UPI QR Code-Central Bank Digital Currency interoperability: How does it work and how do customers benefit? |url=https://indianexpress.com/article/explained/explained-economics/upi-qr-code-cdbc-banks-explained-e-rupee-8925038/ |access-date=2024-02-21 |website=The Indian Express}}

|QR Code

NFC

UPI ID

Mobile Number

Sound Pattern{{Citation |title=Person 2 Merchant payment - VoiceSe powered by ToneTag | date=16 March 2022 |url=https://www.youtube.com/watch?v=4okaT6tl-xU |access-date=2024-02-21}}{{Citation |title=Tonetag - An app enabling offline voice payments - Nikhil Inamdar BBC WORLD | date=8 March 2022 |url=https://www.youtube.com/watch?v=58lqGZqbMbM |access-date=2024-02-21}}

Bank Account Number with IFSC

|Recurring Payments (UPI AutoPay)

Foreign Inward Remittance

Payments without Internet/Network (UPI Lite X)

Feature phone compatibility{{Citation |title=UPI123PAY to enable feature phone users to make digital payments | date=8 March 2022 |url=https://www.youtube.com/watch?v=RoznvXFOoCs |access-date=2024-02-21}}

UPI OneWorld (for tourists)

ATM Withdrawal

International Payments{{Cite web |title=UPI International Interoperability |url=https://www.nipl.com/how-it-works/interoperability/upi |website=NPCI International}}

|117.6 (2023){{Cite news |date=2024-01-03 |title=RecordPay: UPI transactions crossed 100-billion mark in 2023 |url=https://economictimes.indiatimes.com/tech/technology/total-upi-transactions-cross-100-billion-mark-in-2023/articleshow/106492917.cms |access-date=2024-02-21 |work=The Economic Times |issn=0013-0389}}{{Cite web |last=ETBFSI.com |title=UPI payments at peak high in December, value of transactions rises - ET BFSI |url=https://bfsi.economictimes.indiatimes.com/news/fintech/upi-payments-at-peak-high-in-december-value-of-transactions-rises/106468039 |access-date=2024-02-21 |website=ETBFSI.com}}

Immediate Payment Service (IMPS)

|{{flag|India}}

|2010{{Cite web |title=IMPS (Immediate Payment Service) – Instant fund transfer {{!}} NPCI |url=https://www.npci.org.in/what-we-do/imps/product-overview |access-date=2024-02-21 |website=npci.org.in}}

|Bank Account

|Mobile Money Identifier (MMID)

Bank Account Number with IFSC.

|Foreign Inward Remittance (FIR){{Cite web |title=FIR through IMPS |url=https://www.npci.org.in/what-we-do/imps/fir-through-imps |access-date=2024-02-21 |website=npci.org.in}}

|5.8 (2023){{Cite web |title=ProdIMPS Volumes {{!}} NPCI - National Payments Corporation of Indiauct Statistics |url=https://www.npci.org.in/what-we-do/imps/product-statistics |access-date=2024-02-21 |website=npci.org.in}}

Quick Response Code Indonesia Standard
(QRIS)

|{{flag|Indonesia}}

|2019

|e-Wallet
Bank account{{Cite web|title=Quick Response Code Indonesian Standard (QRIS)|url=https://www.bi.go.id/id/fungsi-utama/sistem-pembayaran/ritel/kanal-layanan/QRIS/|access-date=2025-05-22|website=bi.go.id}}

|QR Code

|2.57 (2024){{Cite web|title=Transaksi QRIS Melonjak 226,54%, Revolusi Pembayaran Digital di Indonesia|url=https://indonesia.go.id/kategori/editorial/8434/transaksi-qris-melonjak-226-54-revolusi-pembayaran-digital-di-indonesia|access-date=2025-05-22|website=indonesia.go.id|language=id}}

ZENGIN

| {{flag|Japan}}

|1973

|Bank Account{{Citation |title=The Foundation of the Financial System "Zengin System" | date=25 February 2021 |url=https://www.youtube.com/watch?v=S9vRWPavC_U |access-date=2024-02-21}}

|Account Number

|Inward Remittance{{Cite web |title=Zengin Statistics |url=https://www.zengin-net.jp/en/zengin_net/statistical_data/pdf/statistical_data_202311.pdf}}

|3 (2023)

CliQ

| {{flag|Jordan}}

|2020

|Bank Account{{Cite web |title=CliQ (System) {{!}} JOPACC |url=https://www.jopacc.com/what-we-do/systems-platforms/cliq-system |access-date=2024-02-21 |website=jopacc.com |archive-date=23 February 2024 |archive-url=https://web.archive.org/web/20240223135358/https://www.jopacc.com/what-we-do/systems-platforms/cliq-system |url-status=dead }}

|IBAN

Account number

Alias

|0.03 (2023){{Cite web |title=Cliq December monthly report 2023 en |url=https://www.jopacc.com/sites/default/files/2024-02/december_monthly_report_2023_en.pdf}}

Raast

| {{flag|Pakistan}}

|2019

|Bank Account

|IBAN

Mobile Number{{Cite web |title=RAAST Person to Person (P2P) |url=https://www.sbp.org.pk/dfs/Raast-P2P.html |access-date=2024-02-21 |website=sbp.org.pk}}

|0.16 (2023)

InstaPay

| {{flag|Philippines}}

|2018

|Bank Account

e-wallet{{Cite web |date=2020-10-14 |title=What is InstaPay and How Do I Use It? {{!}} Coins.ph |url=https://coins.ph/academy/what-is-instapay/ |access-date=2024-02-21 |website=Coins Academy {{!}} Coins.ph}}

|QR Code

Account Number and Recipient's Bank Name

Mobile Number

Email ID

|0.74 (2023){{Cite web |last=CEDadiantiTyClea |date=2023-12-27 |title=Transactions via PESONet, InstaPay reach P11.6 trillion |url=https://www.bworldonline.com/banking-finance/2023/12/28/565662/transactions-via-pesonet-instapay-reach-p11-6-trillion/ |access-date=2024-02-21 |website=BusinessWorld Online}}

PESONet

|{{flag|Philippines}}

|2017

|Bank Account

e-wallet{{Cite web |title=PESONet |url=https://www.philpayments.org.ph/pesonet |access-date=2024-02-21 |website=PPMI}}

|Account Number and Recipient's Bank Name

Mobile Number

Email ID{{Cite web |title=Your Guide to Using PESONet |url=https://www.bpi.com.ph/personal/bank/remit-and-transfer/pesonet |access-date=2024-02-21 |website=bpi.com.ph}}

|0.08 (2023)

BLIK

| {{flag|Poland}}

|2015

|Bank Account

|NFC

Dynamic Code{{Cite web |last=Blik |title=First steps with BLIK |url=https://www.blik.com/en/first-steps-with-blik |access-date=2024-02-21 |website=blik.com}}

|ATM Withdrawal & Deposit

Recurring Payments

|1.80 (2023){{Cite web |title=BLIK sums up 2023 – nearly 1.8 billion transactions and 3 million new users |url=https://www.blik.com/blik-podsumowuje-2023-r-blisko-1-8-mld-transakcji-i-3-mln-nowych-uzytkownikow |access-date=2024-07-30 |website=blik.com |date=13 February 2024 |language=pl}}

Fast and Secure Transfers (FAST)

|{{flag|Singapore}}

|2014

|Bank Account

|Bank Account Number with Bank Code{{Cite web |title=FAST |url=https://www.abs.org.sg/consumer-banking/fast}}

|0.29 (2022){{Cite web |title=Singapore: FAST transactions volume 2022 |url=https://www.statista.com/statistics/1325967/singapore-fast-transactions-volume/ |access-date=2024-02-21 |website=Statista}}

PayNow

|{{flag|Singapore}}

|2017

|Bank Account

|QR Code

NRIC

Mobile Number{{Cite web |date=2023-11-17 |title=PayNow Explained: A Guide to Seamless Transactions in Singapore |url=https://decentro.tech/blog/how-to-use-paynow/ |access-date=2024-02-21 |website=Decentro}}

|International Remittance

|0.31 (2022){{Cite web |url=https://www.dpi.global/globaldpi/singapore_paynow |access-date=2024-02-21 |website=dpi.global}}

Bizum

| {{flag|Spain}}
{{flag|Andorra}}

|2016{{Cite web |title=Bizum {{!}} Learn about us, our history and our mission |url=https://bizum.es/en/about-us/ |access-date=2024-02-21}}

|Bank Account{{Cite web |title=Bizum {{!}} Find out how it works and what will be used for. |url=https://bizum.es/en/how-does-it-work/ |access-date=2024-02-21}}

|Mobile Number

QR Code

|Direct Donations to NGOs

Cross-border instant payment{{Cite web |title=Is Bizum only in Spain? No! You can also use it outside the country.|url=https://bizum.com/es/en/blog/bizum-es-solo-en-espana/|access-date=2025-05-22 |website=bizum.com}}

|1 (2022){{Cite web |last=Corner |title=Bizum Reaches 20 Million Users And 1 Billion Transactions {{!}} The Corner |url=https://thecorner.eu/news-spain/spain-economy/bizum-reaches-20-million-users-and-1-billion-transactions/101384/ |access-date=2024-02-21}}

Swish

| {{flag|Sweden}}

|2012{{Cite web |title=Swish - För en enklare vardag sedan 2012. |url=https://swish.nu/ |access-date=2024-02-21 |website=Swish}}

|Bank Account

|QR Code

Mobile Number{{Cite web |title=Swish - För en enklare vardag sedan 2012. |url=https://swish.nu/ |access-date=2024-02-21 |website=Swish}}

| -

TWINT

| {{flag|Switzerland}}

|2017{{Cite web |title=TWINT |url=https://www.twint.ch/en/}}

|Bank Account

|QR Code

Mobile Number

Dynamic Token

|0.59 (2023){{Cite web |title=Twint Stats 2023 |date=22 January 2024 |url=https://www.twint.ch/en/press/twint-590-mio/}}

PromptPay

| {{flag|Thailand}}

|2021

|Bank Account

|QR Code

Mobile Number

|3.6 (2023){{Cite web |title=Thailand: PromptPay transactions volume 2023 |url=https://www.statista.com/statistics/1131100/thailand-volume-of-promptpay-transactions/ |access-date=2024-02-21 |website=Statista}}

Faster Payment Service (FPS)

| {{flag|United Kingdom}}

|2008

|Bank Account

|Account Number and Recipient Name

QR Code

|Forward dated payments

Standing orders

|4.5 (2023){{Cite web |title=Faster Payment System statistics |url=https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/faster-payment-system-statistics/ |access-date=2024-02-21 |website=Pay.UK}}

Zelle

| {{flag|United States}}

|2017

|Bank Account

|Email

Mobile Number

|2.3 (2022)

FedNow

|{{flag|United States}}

|2023

|Bank Account

EasyPay