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]
| Name | Country | Launched | Payment Sources | Identifiers | Notable Features | Transaction Volume per year (in billions) | |
|---|---|---|---|---|---|---|---|
| New Payments Platform (NPP) |  Australia | 2018 | Bank Account | Phone number, email or Australian Business Number | Recurring Payments | 1.2 (2022)[6] | |
| Pix |  Brazil | 2020[7] | Bank Account[8] | QR codePix Key/Alias[9] | Get change as cash at merchants (Pix Troco)[10] Cash withdrawal (Pix Saque).[11] | 42 (2023)[12] | |
| Internet Banking Payment System (IBPS) |  China | 2010 | Bank Accounte-wallet[13] | QR CodeMobile Number | Recurring Payments | 18 (2022)[14] | |
| MobilePay |  Denmark | 2013 | Bank Account | Mobile Number | Common app for users of all banks, ability to chat. | - | |
| MobilePay |  Finland | 2013 | Bank Account[15] | Mobile Number | Common app for users of all banks, ability to chat. | - | |
| Faster Payment System (FPS) |  Hong Kong | 2018 | e-wallet, Bank Account[16] | QR CodeMobile Number | Supports both Hong Kong Dollar & Chinese Yuan Renminbi | 0.531 (2023)[17] | |
| GIRO Zrt |  Hungary | 2020 | Bank Account[18] | Bank Account NumberMobile Number Tax Number | - | ||
| Unified Payments Interface (UPI) |  India | 2016 | Bank AccountPrepaid Wallet Credit Card Credit Line CBDC Stored Value[19] | 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 | 117.6 (2023)[20] [21] | |
| Immediate Payment Service (IMPS) | India | 2010[22] | Bank Account | Mobile Money Identifier (MMID)Bank Account Number with IFSC. | Foreign Inward Remittance (FIR)[23] | 5.8 (2023)[24] | |
| ZENGIN |  Japan | 1973 | Bank Account | Account Number | Inward Remittance[25] | 3 (2023) | |
| CliQ |  Jordan | 2020 | Bank Account[26] | IBANAccount numberAlias | 0.03 (2023)[27] | ||
| Raast |  Pakistan | 2019 | Bank Account | IBANMobile Number[28] | 0.16 (2023) | ||
| InstaPay |  Philippines | 2018 | Bank Accounte-wallet[29] | QR CodeAccount Number and Recipient's Bank Name Mobile NumberEmail ID | 0.74 (2023)[30] | ||
| PESONet | Philippines | 2017 | Bank Accounte-wallet[31] | Account Number and Recipient's Bank Name Mobile NumberEmail ID[32] | 0.08 (2023) | ||
| Bilk |  Poland | 2015 | Bank Account | NFCDynamic Code[33] | ATM Withdrawal & DepositRecurring Payments | 1.80 (2023)[34] | |
| Fast and Secure Transfers (FAST) |  Singapore | 2014 | Bank Account | Bank Account Number with Bank Code[35] | 0.29 (2022)[36] | ||
| PayNow | Singapore | 2017 | Bank Account | QR CodeNRICMobile Number[37] | International Remittance | 0.31 (2022)[38] | |
| Bizum |  Spain | 2016[39] | Bank Account[40] | Mobile NumberQR Code | Direct Donations to NGOs | 1 (2022)[41] | |
| Swish |  Sweden | 2012[42] | Bank Account | QR CodeMobile Number[43] | - | ||
| Twint |  Switzerland | 2017[44] | Bank Account | QR CodeMobile NumberDynamic Token | 0.59 (2023)[45] | ||
| PromptPay |  Thailand | 2021 | Bank Account | QR CodeMobile Number | 3.6 (2023)[46] | ||
| Faster Payment Service (FPS) |  United Kingdom | 2008 | Bank Account | Account Number and Recipient NameQR Code | Forward dated paymentsStanding orders | 4.5 (2023)[47] | |
| Zelle |  United States | 2017 | Bank Account | EmailMobile Number | 2.3 (2022) | ||
| FedNow | United States | 2023 | Bank Account | ||||
 Ukraine | 2009 | Bank Account | Mobile Number | 0.05 (2021)[48] |