Instant payment (sometimes referred to asreal-time payment orfaster payment) is a method ofelectronic 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]
TheEuro 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).[2]
Originally clearing of payments was based on thecheque clearing cycle that required physical cheques to be exchanged by banks atclearing 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 ofe-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.[3] Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.[4]
Traditional electronic payments likebank transfers, that perform the electronic funds transfers within a few business days, are not in line with user expectations.[5][6]
In 2024, EU adopted Instant Payment Regulation, aiming to accelerate instant payments in Europe. ForEU member states operating ineuro 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.[7][8] 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.[9][10] The regulation also allowednon-bank financial institutions access central bank-operated payment systems likeTARGET. This opened an access to severalSEPA services for fintechs andneobanks in Europe.[11]
| 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)[12] |
| Wero |  Belgium | 2024[13] | Bank account[14] | Mobile Number[15] QR Code[16] | Cross-border instant payment[17] | |
| Interoperable Instant Payment System (IIPS) |  Bangladesh | 2025 | Bank account, net bankings | QR code, Mobile number,IIPS ID | Instant Payment System | N/A |
| Pix |  Brazil | 2020[18] | Bank Account[19] | QR Code Mobile Number Pix Key/Alias[20] | Recurring Payments (Pix Automático)[21] Get change as cash at merchants (Pix Troco)[22] Cash withdrawal (Pix Saque)[23] | 42 (2023)[24] |
| Bre-B |  Colombia | 2025[25] | Bank Account | QR Code ID NumberMobile NumberEmailAlias[27] | Instant Payment System ATM withdrawal[28] Recurring Payments | - |
| Internet Banking Payment System (IBPS) |  China | 2010 | Bank Account e-wallet[29] | QR Code Mobile Number[29] | Recurring Payments[29] | 16.98 (2023)[30] |
| Vipps andMobilePay | 2013 (MP) 2015 (Vipps) | Debit/Credit Card Bank Account | Mobile Number[31] | Common app for users of all banks Ability to chat.[31] | 1.52 (2024)[32] | |
| TARGET Instant Payment Settlement (TIPS) |  EU | 2018[33] | IBAN | 0.23 (2023)[34] | ||
| Instant Payment Network |  Egypt | 2022[35] | Bank Account, Meeza Prepaid Card | Instant Payment Address (IPA) Mobile NumberCard NumberBank Account NumberIBANQR CodeURL | Unified app for inter-bank transfers Send money requests | 1.5 (2024)[36] |
| Faster Payment System (FPS) |  Hong Kong | 2018 | e-wallet, Bank Account[37] | QR Code Mobile Number[37] | Supports bothHong Kong Dollar &Chinese Yuan Renminbi | 0.531 (2023)[38] |
| GIRO Zrt |  Hungary | 2020 | Bank Account[39] | Bank Account Number Mobile Number Tax Number | - | |
| Unified Payments Interface (UPI) |  India | 2016 | Bank Account Prepaid Wallet Credit Card Credit Line CBDC Stored Value[40] | QR Code NFC UPI ID Mobile Number Bank Account Number with IFSC | Recurring Payments (UPI AutoPay) Foreign Inward Remittance Payments without Internet/Network (UPI Lite X) Feature phone compatibility[43] UPI OneWorld (for tourists) ATM Withdrawal International Payments[44] 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)[45][46] |
| Immediate Payment Service (IMPS) | India | 2010[47] | Bank Account[47] | Mobile Money Identifier (MMID)[47] Bank Account Number with IFSC.[47] | Foreign Inward Remittance (FIR)[48] | 5.8 (2023)[49] |
| Quick Response Code Indonesia Standard (QRIS) |  Indonesia | 2019 | e-Wallet Bank account[50] | QR Code | 2.57 (2024)[51] | |
| ZENGIN |  Japan | 1973 | Bank Account[52] | Account Number[52] | Inward Remittance[53] | 3 (2023)[53] |
| CliQ |  Jordan | 2020 | Bank Account[54] | IBAN Account numberAlias | 0.03 (2023)[55] | |
| Raast |  Pakistan | 2021 | Bank Account | IBAN Mobile Number[56] | 0.16 (2023) | |
| InstaPay |  Philippines | 2018 | Bank Account e-wallet[57] | QR Code Account Number and Recipient's Bank Name Mobile NumberEmail ID[57] | 0.74 (2023)[58] | |
| PESONet | Philippines | 2017 | Bank Account e-wallet[59] | Account Number and Recipient's Bank Name Mobile NumberEmail ID[60] | 0.08 (2023)[58] | |
| BLIK |  Poland | 2015 | Bank Account | NFC Dynamic Code[61] | ATM Withdrawal & Deposit Recurring Payments | 1.80 (2023)[62] |
| Fast and Secure Transfers (FAST) |  Singapore | 2014 | Bank Account | Bank Account Number with Bank Code[63] | 0.29 (2022)[64] | |
| PayNow | Singapore | 2017 | Bank Account | QR Code NRICMobile Number[65] | International Remittance | 0.31 (2022)[66] |
| Bizum |  Spain Andorra | 2016[67] | Bank Account[68] | Mobile Number[68] QR Code[68] | Direct Donations to NGOs[67] Cross-border instant payment[69] | 1 (2022)[70] |
| Swish |  Sweden | 2012[71] | Bank Account | QR Code Mobile Number[72] | - | |
| TWINT |  Switzerland | 2017[73] | Bank Account | QR Code Mobile NumberDynamic Token[73] | 0.59 (2023)[74] | |
| PromptPay |  Thailand | 2021 | Bank Account | QR Code Mobile Number | 3.6 (2023)[75] | |
| Faster Payment Service (FPS) |  United Kingdom | 2008 | Bank Account | Account Number and Recipient Name QR Code | Forward dated payments Standing orders | 4.5 (2023)[76] |
| Zelle |  United States | 2017 | Bank Account | Email Mobile 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 US[3] Visa Direct is different from Visa's card payment service, which is not an instant payment system[5] | 10 (2024)[77] |
| EasyPay |  Ukraine | 2009 | Bank Account | Mobile Number | 0.05 (2021)[78] |
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