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:
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.[2] Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.[3]
Traditional electronic payments like bank transfers, that perform the electronic funds transfers within a few business days, are not in line with user expectations.[4] [5]
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.[6] [7] 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.[8] [9] 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.[10]
| 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)[11] | |
| Wero |  Belgium France Germany | 2024[12] | Bank account[13] | Mobile Number[14] QR Code[15] | Cross-border instant payment[16] | ||
| Interoperable Instant Payment System (IIPS) | 2025 | Bank account, net bankings | QR code,Mobile number,IIPS ID | Instant Payment System | N/A | ||
| Pix |  Brazil | 2020[17] | Bank Account[18] | QR Code Mobile Number Pix Key/Alias[19] | Recurring Payments (Pix Automático)[20] Get change as cash at merchants (Pix Troco)[21] Cash withdrawal (Pix Saque)[22] | 42 (2023)[23] | |
| Bre-B |  Colombia | 2025[24] | Bank AccountCooperative[25] | QR CodeID NumberMobile NumberEmailAlias[26] | Instant Payment SystemATM withdrawal[27] Recurring Payments | - | |
| Internet Banking Payment System (IBPS) |  China | 2010 | Bank Accounte-wallet[28] | QR CodeMobile Number | Recurring Payments | 16.98 (2023)[29] | |
| Vipps and MobilePay | 2013 (MP)2015 (Vipps) | Debit/Credit CardBank Account | Mobile Number[30] | Common app for users of all banksAbility to chat. | 1.52 (2024)[31] | ||
| TARGET Instant Payment Settlement (TIPS) | 2018[32] | IBAN | 0.23 (2023)[33] | ||||
| Instant Payment Network | 2022[34] | Bank Account, Meeza Prepaid Card | Instant Payment Address (IPA)Mobile NumberCard NumberBank Account NumberIBANQR CodeURL | Unified app for inter-bank transfersSend money requests | 1.5 (2024)[35] | ||
| Faster Payment System (FPS) |  Hong Kong | 2018 | e-wallet, Bank Account[36] | QR CodeMobile Number | Supports both Hong Kong Dollar & Chinese Yuan Renminbi | 0.531 (2023)[37] | |
| Azonnali Fizetési Rendszer (AFR) |  Hungary | 2020 | Bank account[38] | Bank Account NumberMobile NumberEmailTax Number | - | ||
| Unified Payments Interface (UPI) |  India | 2016 | Bank AccountPrepaid Wallet Credit Card Credit Line CBDC Stored Value[39] | QR CodeNFC UPI ID Mobile Number Sound Pattern Bank Account Number with IFSC | Recurring Payments (UPI AutoPay)Foreign Inward Remittance Payments without Internet/Network (UPI Lite X) Feature phone compatibility UPI OneWorld (for tourists) ATM Withdrawal International Payments[40] 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)[41] [42] | |
| Immediate Payment Service (IMPS) | India | 2010[43] | Bank Account | Mobile Money Identifier (MMID)Bank Account Number with IFSC. | Foreign Inward Remittance (FIR)[44] | 5.8 (2023)[45] | |
| Quick Response Code Indonesia Standard (QRIS) |  Indonesia | 2019 | e-Wallet Bank account[46] | QR Code | 2.57 (2024)[47] | ||
| ZENGIN |  Japan | 1973 | Bank Account | Account Number | Inward Remittance[48] | 3 (2023) | |
| CliQ |  Jordan | 2020 | Bank Account[49] | IBANAccount numberAlias | 0.03 (2023)[50] | ||
| Raast |  Pakistan | 2021 | Bank Account | IBANMobile Number[51] | 0.16 (2023) | ||
| InstaPay |  Philippines | 2018 | Bank Accounte-wallet[52] | QR CodeAccount Number and Recipient's Bank Name Mobile NumberEmail ID | 0.74 (2023)[53] | ||
| PESONet | Philippines | 2017 | Bank Accounte-wallet[54] | Account Number and Recipient's Bank Name Mobile NumberEmail ID[55] | 0.08 (2023) | ||
| BLIK |  Poland | 2015 | Bank Account | NFCDynamic Code[56] | ATM Withdrawal & DepositRecurring Payments | 1.80 (2023)[57] | |
| Fast and Secure Transfers (FAST) |  Singapore | 2014 | Bank Account | Bank Account Number with Bank Code[58] | 0.29 (2022)[59] | ||
| PayNow | Singapore | 2017 | Bank Account | QR CodeNRICMobile Number[60] | International Remittance | 0.31 (2022)[61] | |
| Bizum |  Spain Andorra | 2016[62] | Bank Account[63] | Mobile NumberQR Code | Direct Donations to NGOsCross-border instant payment[64] | 1 (2022)[65] | |
| Swish |  Sweden | 2012[66] | Bank Account | QR CodeMobile Number[67] | - | ||
| TWINT |  Switzerland | 2017[68] | Bank Account | QR CodeMobile NumberDynamic Token | 0.59 (2023)[69] | ||
| PromptPay |  Thailand | 2021 | Bank Account | QR CodeMobile Number | 3.6 (2023)[70] | ||
| Faster Payment Service (FPS) |  United Kingdom | 2008 | Bank Account | Account Number and Recipient NameQR Code | Forward dated paymentsStanding orders | 4.5 (2023)[71] | |
| Zelle |  United States | 2017 | Bank Account | EmailMobile 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 USVisa Direct is different from Visa's card payment service, which is not an instant payment system | 10 (2024)[72] | |
 Ukraine | 2009 | Bank Account | Mobile Number | 0.05 (2021)[73] | |||
 Portugal | 1985 | Bank Account | Unique generated number (ReferĂŞncia Multibanco)Bank Account Number IBAN Mobile Number (2015) NFC (2017) QR Code (2018) | ATM withdrawalsIn-store Payments Government/Service Payments Virtual Credit Cards P2P transfers Online Shopping | - |
