Instant payment

From Wikipedia, the free encyclopedia

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:

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]


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.[3] Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.[4]

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[5][by whom?] that, in the next year,[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.[6]


Country System
 Australia NPP - New Payments Platform,[7] available from February 2018
 Brazil Pix, released in October 2020 and available since November 2020
 China IBPS - Internet banking payment system,[8] implemented in 2010
 Denmark MobilePay, since 2013
 Europe RT1, available from November 2017 and
TIPS - TARGET Instant Payments Settlement,[9] available from November 2018
 Hong Kong Faster Payment System - available since 2018
 India IMPS - Immediate Payment Service, implemented in 2010 and
UPI - Unified Payments Interface, implemented in 2016
 Japan ZENGIN, implemented in 1973
 Norway Vipps, since 2015.
 Philippines InstaPay
 Pakistan Raast since 2019
 Poland Blik since 2015
 Russia Sistema bystrykh platezhey [ru] - Fast Payments System,[10] available from 2019
 Sweden Swish,[11][12] since 2012, retail since 2014
  Switzerland Twint,[13] since 2017
 Thailand PromptPay, which is operated by VocaLink[14]
 United Kingdom Faster Payments Service (FPS), available since 2008, which is operated by VocaLink
 United States Zelle,[15] available since 2016 and
Venmo,[16] available since 2013 and
The Clearing House's RTP - Real-Time Payments,[17] available since 2017 and
FedNow, launched in mid-2023[18]

See also[edit]


  1. ^ a b "Are instant payments becoming the new normal? A comparative study" (PDF). European Central Bank. Retrieved 5 August 2020.
  2. ^ "Instant payments definition". European Central Bank. 2017. Retrieved 8 September 2018.
  3. ^ "Digital transformation of the retail payments ecosystem" (PDF). Banca d'Italia. 30 November 2017. p. 3. Retrieved 2 September 2018.
  4. ^ "What are instant payments?". InstaPay. 2018. Retrieved 2 September 2018.
  5. ^ PYMNTS (1 January 2019). "2019: The Year Of Instant Payments". Retrieved 20 August 2019.
  6. ^ "Instant payments are the future - here's why". Nordea. 2018. Retrieved 2 September 2018.
  7. ^ "The New Payments Platform", Reserve Bank of Australia, retrieved 21 September 2021
  8. ^ (PDF), retrieved 21 September 2021 {{citation}}: Missing or empty |title= (help)
  9. ^ (PDF), retrieved 21 September 2021 {{citation}}: Missing or empty |title= (help)
  10. ^ "В России запустили систему быстрых платежей", Российская газета, 28 January 2019, retrieved 28 January 2019
  11. ^ "Swish - Betala enklare". Swish (in Swedish). Retrieved 2 April 2018.
  12. ^ "Swish". Nationalencyklopedin.
  13. ^ "Simply Twint it".
  14. ^ "Transforming Thailand to a digital economy".
  15. ^ "Zelle, the Banks' Answer to Venmo, Proves Vulnerable to Fraud", April 22, 2018, The New York Times, retrieved February 10, 2020
  16. ^ "Venmo Revenue and Usage Statistics (2021)", Business of Apps, 2 September 2020, retrieved 2 September 2020
  17. ^ "Real Time Payments",, retrieved 21 September 2021
  18. ^ "Federal Reserve Board - FedNow Service". Board of Governors of the Federal Reserve System. Retrieved 26 October 2022.