# Instant payment

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.
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:
   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).

## 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. Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.
Traditional electronic payments like bank transfers, that perform the electronic funds transfers within a few business days, are not in line with user expectations.

## Notable instant payment systems by country

| 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) |
| Pix | Brazil | 2020 | Bank Account | QR Code Email Mobile Number Pix Key/Alias | Get change as cash at merchants (Pix Troco) Cash withdrawal (Pix Saque). | 42 (2023) |
| Internet Banking Payment System (IBPS) | China | 2010 | Bank Account e-wallet | QR Code Mobile Number | Recurring Payments | 16.98 (2023) |
| MobilePay | Denmark | 2013 | Bank Account | Mobile Number | Common app for users of all banks, ability to chat. | - |
| TARGET Instant Payment Settlement (TIPS) | EU | 2018 | IBAN | | | 0.23 (2023) |
| Instant Payment Network | Egypt | 2022 | 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) |
| MobilePay | Finland | 2013 | Bank Account | Mobile Number | Common app for users of all banks, ability to chat. | - |
| Faster Payment System (FPS) | Hong Kong | 2018 | e-wallet, Bank Account | QR Code Mobile Number | Supports both Hong Kong Dollar & Chinese Yuan Renminbi | 0.531 (2023) |
| GIRO Zrt | Hungary | 2020 | Bank Account | Bank Account Number Mobile Number Email Tax Number | | - |
| Unified Payments Interface (UPI) | India | 2016 | Bank Account Prepaid Wallet Credit Card Credit Line CBDC Stored Value | QR Code NFC 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 | 117.6 (2023) |
| Immediate Payment Service (IMPS) | India | 2010 | Bank Account | Mobile Money Identifier (MMID) Bank Account Number with IFSC. | Foreign Inward Remittance (FIR) | 5.8 (2023) |
| ZENGIN | Japan | 1973 | Bank Account | Account Number | Inward Remittance | 3 (2023) |
| CliQ | Jordan | 2020 | Bank Account | IBAN Account number Alias | | 0.03 (2023) |
| Raast | Pakistan | 2019 | Bank Account | IBAN Mobile Number | | 0.16 (2023) |
| InstaPay | Philippines | 2018 | Bank Account e-wallet | QR Code Account Number and Recipient's Bank Name Mobile Number Email ID | | 0.74 (2023) |
| PESONet | Philippines | 2017 | Bank Account e-wallet | Account Number and Recipient's Bank Name Mobile Number Email ID | | 0.08 (2023) |
| Blik | Poland | 2015 | Bank Account | NFC Dynamic Code | ATM Withdrawal & Deposit Recurring Payments | 1.80 (2023) |
| Fast and Secure Transfers (FAST) | Singapore | 2014 | Bank Account | Bank Account Number with Bank Code | | 0.29 (2022) |
| PayNow | Singapore | 2017 | Bank Account | QR Code NRIC Mobile Number | International Remittance | 0.31 (2022) |
| Bizum | Spain | 2016 | Bank Account | Mobile Number QR Code | Direct Donations to NGOs | 1 (2022) |
| Swish | Sweden | 2012 | Bank Account | QR Code Mobile Number | | - |
| Twint | Switzerland | 2017 | Bank Account | QR Code Mobile Number Dynamic Token | | 0.59 (2023) |
| PromptPay | Thailand | 2021 | Bank Account | QR Code Mobile Number | | 3.6 (2023) |
| Faster Payment Service (FPS) | United Kingdom | 2008 | Bank Account | Account Number and Recipient Name QR Code | Forward dated payments Standing orders | 4.5 (2023) |
| Zelle | United States | 2017 | Bank Account | Email Mobile Number | | 2.3 (2022) |
| FedNow | United States | 2023 | Bank Account | | |
| EasyPay | Ukraine | 2009 | Bank Account | Mobile Number | | 0.05 (2021) |