{{Short description|Method of exchanging money and processing payments}} {{Use British English|date=February 2018}} {{Use dmy dates|date=March 2024}}
'''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.<ref name="ECB">{{cite web |url=https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op229~4c5ec8f02a.en.pdf |title=Are instant payments becoming the new normal? A comparative study |author=<!--Not stated--> |website=European Central Bank |access-date=5 August 2020}}</ref>
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.<ref name="ECB"/>
The ''Euro Retail Payments Board'' (ERPB) in 2018 defined instant payments as: {{blockquote|text=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).<ref name="definition">{{cite web |url=https://www.ecb.europa.eu/paym/retpaym/instant/html/index.en.html |title=Instant payments definition |publisher=European Central Bank |year=2017 |website=ecb.europa.eu |access-date=8 September 2018}}</ref>}}
== 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.<ref name=":0">{{cite web |url=https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov2017/Visco_30112017.pdf |title=Digital transformation of the retail payments ecosystem|page=3 |publisher=Banca d'Italia |date=30 November 2017 |website=bancaditalia.it |access-date=2 September 2018}}</ref> Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.<ref>{{cite web |url=https://www.instapay.today/instant-payments/ |title=What are instant payments? |publisher=InstaPay |year=2018 |website=instapay.today |access-date=2 September 2018 |archive-date=6 March 2017 |archive-url=https://web.archive.org/web/20170306230656/http://www.instapay.today/instant-payments/ |url-status=dead }}</ref>
Traditional electronic payments like bank transfers, that perform the electronic funds transfers within a few business days, are not in line with user expectations.<ref name=":2">{{Cite web|url=https://www.pymnts.com/news/payment-methods/2019/instant-faster-disbursements-gig-economy/|title=2019: The Year Of Instant Payments|last=PYMNTS|date=2019-01-01|website=PYMNTS.com|access-date=2019-08-20}}</ref><ref>{{cite web |url=https://insights.nordea.com/instant-payments-are-future-heres-why |title=Instant payments are the future - here's why |publisher=Nordea |year=2018 |website=insights.nordea.com |access-date=2 September 2018}}</ref>
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 (''SEPA Instant Credit Transfer''), as well as to implement the Verification of Payee service.<ref>{{Cite journal |last=Bank |first=European Central |date=2024-09-20 |title=Instant Payments Regulation |url=https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/instant_payments_regulation.en.html |language=en}}</ref><ref>{{Cite journal |last=Bank |first=European Central |date=2024-09-20 |title=What are instant payments? |url=https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/index.en.html |language=en}}</ref> 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.<ref>{{Cite web |title=Verification Of Payee {{!}} European Payments Council |url=https://www.europeanpaymentscouncil.eu/what-we-do/other-schemes/verification-payee |access-date=2025-07-29 |website=www.europeanpaymentscouncil.eu |language=en}}</ref><ref>{{Cite web |last=Euromoney |date=2024-11-20 |title=EU Instant Payments Regulation – A Step toward Global Harmony |url=https://www.euromoney.com/article/2dydrunnlm53jhjwndhc0/sponsored-content/eu-instant-payments-regulation-a-step-toward-global-harmony/ |access-date=2025-07-29 |website=Euromoney |language=en}}</ref> 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.<ref>{{Cite journal |last=Bank |first=European Central |date=2024-07-19 |title=Eurosystem sets policy on access by non-bank payment service providers to its central bank payment systems |url=https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews20240719.de.html |language=de}}</ref>
== Notable instant payment systems by country == {| class="wikitable sortable" !Name !Country !Launched !Payment Sources !Identifiers !Notable Features !Transaction Volume per year (in billions) |- |New Payments Platform (NPP) | {{flag|Australia}} |2018 |Bank Account |PayID (Phone number, email or Australian Business Number) |Recurring Payments |1.2 (2022)<ref>{{Cite web |last=Phu |first=Rita |date=2022-11-04 |title=NPP Roadmap provides update on the platform's uptake and capability development |url=https://nppa.com.au/npp-roadmap-provides-update-on-the-platforms-uptake-and-capability-development/ |access-date=2024-02-21 |website=NPPA}}</ref> |- |Wero |{{flag|Belgium}}<br> {{flag|France}}<br> {{flag|Germany}} |2024<ref>{{Cite web |title=EPI launches Wero, its innovative digital payment wallet in Germany|url=https://epicompany.eu/media-insights/epi-ceo-says-europe-ready-for-one-digital-wallet-2|access-date=2025-05-22 |website=epicompany.eu}}</ref> |Bank account<ref>{{Cite web |title=Wero-Digital mobile payment with Wero: how does it work?|url=https://wero-wallet.eu/individuals |access-date=2025-05-22 |website=wero-wallet.eu}}</ref> |Mobile Number<ref>{{Cite web |title=Sending money - Wero FAQ Wero|url=https://support.wero-wallet.eu/hc/en-us/sections/25605786788369-Sending-money |access-date=2025-05-22 |website=support.wero-wallet.eu}}</ref><br>QR Code<ref>{{Cite web |title=Wero QR code - Wero FAQ Wero|url=https://support.wero-wallet.eu/hc/en-us/sections/25599292070289-Wero-QR-code |access-date=2025-05-22 |website=support.wero-wallet.eu}}</ref> |Cross-border instant payment<ref>{{Cite web |title=EPI successfully executes first instant payment transactions in Europe with Wero between customers from Banque Populaire and Caisse d'Epargne (Groupe BPCE) in France and Sparkasse Elbe-Elster Bank in Germany|url=https://epicompany.eu/media-insights/epi-successfully-executes-first-instant-payment-transactions-in-europe-with-wero-between-customers-from-banque-populaire-and-caisse-depargne-groupe-bpce-in-france-and-sparkasse-elbe-elster-bank-in-germany|access-date=2025-05-22 |website=epicompany.eu}}</ref> | |- |Interoperable Instant Payment System (IIPS) |{{Flag|Bangladesh}} |2025 |Bank account, net bankings |QR code, Mobile number, IIPS ID |Instant Payment System |N/A |- |Pix | {{flag|Brazil}} |2020<ref>{{Cite web |title=Banco Central do Brasil |url=https://www.bcb.gov.br/en/financialstability/pix_en |access-date=2024-02-21 |website=bcb.gov.br}}</ref> |Bank Account<ref>{{Cite web |title=PIX - Payment Methods Encyclopedia - PayU Global |url=https://corporate.payu.com/payment-methods-encyclopedia/pix/ |access-date=2024-02-21}}</ref> |QR Code
Mobile Number
Pix Key/Alias<ref>{{Cite web |title=PIX: The new instant payment system from BACEN {{!}} EBANX |url=https://www.ebanx.com/en/resources/payments-explained/pix-instant-payment-system/ |access-date=2024-02-21 |website=ebanx.com}}</ref>
|Recurring Payments (Pix Automático)<ref>{{Cite web |title=Pix Automatico: the new functionality to power recurring payments {{!}} EBANX |url=https://insights.ebanx.com/en/pix-automatico|access-date=2025-07-09 |website=ebanx.com}}</ref>
Get change as cash at merchants (Pix Troco)<ref>{{Cite web |title=PIX Troco (Change) {{!}} EBANX |url=https://www.ebanx.com/en/resources/payments-explained/pix-troco/ |access-date=2024-02-21 |website=ebanx.com}}</ref>
Cash withdrawal (Pix Saque)<ref>{{Cite web |title=What is the meaning of PIX Saque (Withdrawal)? {{!}} EBANX |url=https://www.ebanx.com/en/resources/payments-explained/pix-saque-withdrawal/ |access-date=2024-02-21 |website=ebanx.com}}</ref> |42 (2023)<ref>{{Cite web |title=Pix by the numbers 2023 |url=https://20392958.fs1.hubspotusercontent-na1.net/hubfs/20392958/AA%20US%20White%20Papers/Pix%20by%20the%20Numbers%20Q3%202023.pdf}}</ref> |- |Bre-B |{{flag|Colombia}} |2025<ref>{{Cite web |title=Bre-B continúa avanzando: el 23 de septiembre entra en funcionamiento el mecanismo del Banco de la República que permite la interoperabilidad plena del sistema de pagos inmediatos {{!}} Banco de la República |url=https://www.banrep.gov.co/es/noticias/bre-b-continua-avanzando |access-date=2025-11-26 |website=www.banrep.gov.co}}</ref> |Bank Account Cooperative<ref>{{Cite web |title=Participants - Frequent questions Central Bank of Colombia |url=https://www.banrep.gov.co/es/bre-b/preguntas-frecuentes/participantes |website=Frequent questions Central Bank of Colombia}}</ref> |QR Code ID Number Mobile Number Email Alias<ref>{{Cite web |title=What is Bre-B |url=https://www.banrep.gov.co/es/bre-b/que-es |website=Central Bank of Colombia}}</ref> |Instant Payment System ATM withdrawal<ref>{{Cite web |last=Herrera |first=Juan Martín Murillo |date=2025-09-01 |title=Sistema Bre-B permitirá hacer retiros en cajeros automáticos: así podrá hacerlo |url=https://www.portafolio.co/tecnologia/olvidese-de-la-tarjeta-este-es-el-sistema-que-permitira-retirar-dinero-en-cajeros-en-colombia-de-manera-mas-facil-638955 |access-date=2025-11-26 |website=Portafolio.co |language=es}}</ref>
Recurring Payments | - |- |Internet Banking Payment System (IBPS) | {{flag|China}} |2010 |Bank Account e-wallet<ref name=":1">{{Cite web |title=World Bank FPS China IBPS Case Study |url=https://fastpayments.worldbank.org/sites/default/files/2021-09/World_Bank_FPS_China_IBPS_Case_Study.pdf}}</ref> |QR Code Mobile Number<ref name=":1" /> |Recurring Payments<ref name=":1" /> |16.98 (2023)<ref>{{Cite web |date= |title=Payment System Report (2023) |url=http://www.pbc.gov.cn/en/3688110/3688172/5188125/5327700/2024041216580199504.pdf |access-date= |website=People's Bank of China}}</ref> |- |Vipps and MobilePay |{{Unbulleted list| {{flag|Denmark}}{{efn|including Faroe Islands and Greenland}} |{{flag|Finland}}{{efn|including Åland Islands}} |{{flag|Norway}} |{{flag|Sweden}} }} |2013 (MP) 2015 (Vipps) |Debit/Credit Card Bank Account |Mobile Number<ref name=":4">{{Cite web |title=Lähetä rahaa |url=https://mobilepay.fi/kayttajille/laheta-rahaa |access-date=2024-02-21 |website=mobilepay.fi |language=fi}}</ref> |Common app for users of all banks Ability to chat.<ref name=":4" /> | 1.52 (2024)<ref>{{Cite web |date=2025-04-10 |title=Strong financial improvement for Vipps MobilePay |url=https://vippsmobilepay.com/en/news/2025/04/10/strong-financial-improvement-for-vipps-mobilepay |access-date=2025-05-24 |website=Vipps MobilePay AS}}</ref> |- |TARGET Instant Payment Settlement (TIPS) |{{Flag|EU}} |2018<ref>{{cite web |website=European Central Bank |title=What is TIPS? |date=17 April 2025 |url=https://www.ecb.europa.eu/paym/target/tips/html/index.en.html |access-date={{date|2024-12-25}}}}</ref> |IBAN | | |0.23 (2023)<ref>{{Cite journal |title=TARGET Annual Report 2023 |url=https://www.ecb.europa.eu/press/targetar/html/ecb.targetar2023.en.html |website=European Central Bank|date=7 June 2024 }}</ref> |- |Instant Payment Network |{{Flag|Egypt}} |2022<ref>{{Cite web |title=Instant Payment Network (IPN) |url=https://www.cbe.org.eg/en/payment-systems-and-services/instant-payment-network }}</ref> |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 |1.5 (2024)<ref>{{Cite news |date=30 December 2024 |title=Central Bank of Egypt Issues New Decrees for Extending the Exemption of Individuals from Transfer Fees via Instant Payment Network and InstaPay Application for a Renewable Period of 3 Months |url=https://www.cbe.org.eg/en/news-publications/news/2024/12/30/12/31/cbe-extending-the-exemption-of-individuals-from-instapay-for-a-renewable-period-of-3-months }}</ref> |- |Faster Payment System (FPS) | {{flag|Hong Kong}} |2018 |e-wallet, Bank Account<ref name=":5">{{Cite web |title=HKICL {{!}} FPS |url=https://fps.hkicl.com.hk/eng/fps/index.php |access-date=2024-02-21 |website=fps.hkicl.com.hk}}</ref> |QR Code Mobile Number<ref name=":5" /> |Supports both Hong Kong Dollar & Chinese Yuan Renminbi |0.531 (2023)<ref>{{Cite web |title=HKICL {{!}} Statistics |url=https://fps.hkicl.com.hk/eng/fps/about_fps/statistics.php |access-date=2024-02-21 |website=fps.hkicl.com.hk}}</ref> |- |Azonnali Fizetési Rendszer (AFR) | {{flag|Hungary}} |2020 |Bank account<ref>{{Cite web |last=IO |first=Moon |title=GIRO Zrt. - Az idő pénz. |url=https://giro.hu/ |access-date=2024-02-21 |website=giro.hu |language=hu}}</ref> |Bank Account Number Mobile Number Email Tax Number | | - |- |Unified Payments Interface (UPI) |{{flag|India}} |2016 |Bank Account Prepaid Wallet
Credit Card
Credit Line
CBDC Stored Value<ref>{{Cite web |date=2023-09-05 |title=UPI QR Code-Central Bank Digital Currency interoperability: How does it work and how do customers benefit? |url=https://indianexpress.com/article/explained/explained-economics/upi-qr-code-cdbc-banks-explained-e-rupee-8925038/ |access-date=2024-02-21 |website=The Indian Express}}</ref> |QR Code NFC
UPI ID
Mobile Number
Sound Pattern<ref>{{Citation |title=Person 2 Merchant payment - VoiceSe powered by ToneTag | date=16 March 2022 |url=https://www.youtube.com/watch?v=4okaT6tl-xU |access-date=2024-02-21}}</ref><ref>{{Citation |title=Tonetag - An app enabling offline voice payments - Nikhil Inamdar BBC WORLD | date=8 March 2022 |url=https://www.youtube.com/watch?v=58lqGZqbMbM |access-date=2024-02-21}}</ref>
Bank Account Number with IFSC |Recurring Payments (UPI AutoPay) Foreign Inward Remittance
Payments without Internet/Network (UPI Lite X)
Feature phone compatibility<ref>{{Citation |title=UPI123PAY to enable feature phone users to make digital payments | date=8 March 2022 |url=https://www.youtube.com/watch?v=RoznvXFOoCs |access-date=2024-02-21}}</ref>
UPI OneWorld (for tourists)
ATM Withdrawal
International Payments<ref>{{Cite web |title=UPI International Interoperability |url=https://www.nipl.com/how-it-works/interoperability/upi |website=NPCI International}}</ref>
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)<ref>{{Cite news |date=2024-01-03 |title=RecordPay: UPI transactions crossed 100-billion mark in 2023 |url=https://economictimes.indiatimes.com/tech/technology/total-upi-transactions-cross-100-billion-mark-in-2023/articleshow/106492917.cms |access-date=2024-02-21 |work=The Economic Times |issn=0013-0389}}</ref><ref>{{Cite web |last=ETBFSI.com |title=UPI payments at peak high in December, value of transactions rises - ET BFSI |url=https://bfsi.economictimes.indiatimes.com/news/fintech/upi-payments-at-peak-high-in-december-value-of-transactions-rises/106468039 |access-date=2024-02-21 |website=ETBFSI.com}}</ref> |- |Immediate Payment Service (IMPS) |{{flag|India}} |2010<ref name=":7">{{Cite web |title=IMPS (Immediate Payment Service) – Instant fund transfer {{!}} NPCI |url=https://www.npci.org.in/what-we-do/imps/product-overview |access-date=2024-02-21 |website=npci.org.in}}</ref> |Bank Account<ref name=":7" /> |Mobile Money Identifier (MMID)<ref name=":7" /> Bank Account Number with IFSC.<ref name=":7" /> |Foreign Inward Remittance (FIR)<ref>{{Cite web |title=FIR through IMPS |url=https://www.npci.org.in/what-we-do/imps/fir-through-imps |access-date=2024-02-21 |website=npci.org.in}}</ref> |5.8 (2023)<ref>{{Cite web |title=ProdIMPS Volumes {{!}} NPCI - National Payments Corporation of Indiauct Statistics |url=https://www.npci.org.in/what-we-do/imps/product-statistics |access-date=2024-02-21 |website=npci.org.in}}</ref> |- |Quick Response Code Indonesia Standard<br>(QRIS) |{{flag|Indonesia}} |2019 |e-Wallet<br>Bank account<ref>{{Cite web|title=Quick Response Code Indonesian Standard (QRIS)|url=https://www.bi.go.id/id/fungsi-utama/sistem-pembayaran/ritel/kanal-layanan/QRIS/|access-date=2025-05-22|website=bi.go.id}}</ref> |QR Code | |2.57 (2024)<ref>{{Cite web|title=Transaksi QRIS Melonjak 226,54%, Revolusi Pembayaran Digital di Indonesia|url=https://indonesia.go.id/kategori/editorial/8434/transaksi-qris-melonjak-226-54-revolusi-pembayaran-digital-di-indonesia|access-date=2025-05-22|website=indonesia.go.id|language=id}}</ref> |- |ZENGIN | {{flag|Japan}} |1973 |Bank Account<ref name=":8">{{Citation |title=The Foundation of the Financial System "Zengin System" | date=25 February 2021 |url=https://www.youtube.com/watch?v=S9vRWPavC_U |access-date=2024-02-21}}</ref> |Account Number<ref name=":8" /> |Inward Remittance<ref name=":9">{{Cite web |title=Zengin Statistics |url=https://www.zengin-net.jp/en/zengin_net/statistical_data/pdf/statistical_data_202311.pdf}}</ref> |3 (2023)<ref name=":9" /> |- |CliQ | {{flag|Jordan}} |2020 |Bank Account<ref>{{Cite web |title=CliQ (System) {{!}} JOPACC |url=https://www.jopacc.com/what-we-do/systems-platforms/cliq-system |access-date=2024-02-21 |website=jopacc.com |archive-date=23 February 2024 |archive-url=https://web.archive.org/web/20240223135358/https://www.jopacc.com/what-we-do/systems-platforms/cliq-system |url-status=dead }}</ref> |IBAN Account number Alias | |0.03 (2023)<ref>{{Cite web |title=Cliq December monthly report 2023 en |url=https://www.jopacc.com/sites/default/files/2024-02/december_monthly_report_2023_en.pdf}}</ref> |- |{{lang|es|Sistema de Pagos Electrónicos Interbancarios|italic=no}} (SPEI) ({{lit|Interbanking Electronic Payment System}}) | {{flag|Mexico}} |2004 |Bank Account<ref>{{Cite web |title=Interbanking Electronic Payment System (SPEI®) characteristics |url=https://www.banxico.org.mx/services/spei_-transfers-banco-mexico.html |access-date=2026-04-04 |website=banxico.org.mx |archive-date=24 July 2025 |archive-url=https://web.archive.org/web/20250724221327/https://www.banxico.org.mx/services/spei_-transfers-banco-mexico.html |url-status=live}}</ref> |CLABE number |Instant Payment System |N/A |- |Raast | {{flag|Pakistan}} |2021 |Bank Account |IBAN Mobile Number<ref>{{Cite web |title=RAAST Person to Person (P2P) |url=https://www.sbp.org.pk/dfs/Raast-P2P.html |access-date=2024-02-21 |website=sbp.org.pk}}</ref> | |0.16 (2023) |- |InstaPay | {{flag|Philippines}} |2018 |Bank Account e-wallet<ref name="coins.ph">{{Cite web |date=2020-10-14 |title=What is InstaPay and How Do I Use It? {{!}} Coins.ph |url=https://coins.ph/academy/what-is-instapay/ |access-date=2024-02-21 |website=Coins Academy {{!}} Coins.ph}}</ref> |QR Code Account Number and Recipient's Bank Name Mobile Number Email ID<ref name="coins.ph"/> | |0.74 (2023)<ref name="CEDadiantiTyClea">{{Cite web |last=CEDadiantiTyClea |date=2023-12-27 |title=Transactions via PESONet, InstaPay reach P11.6 trillion |url=https://www.bworldonline.com/banking-finance/2023/12/28/565662/transactions-via-pesonet-instapay-reach-p11-6-trillion/ |access-date=2024-02-21 |website=BusinessWorld Online}}</ref> |- |PESONet |{{flag|Philippines}} |2017 |Bank Account e-wallet<ref>{{Cite web |title=PESONet |url=https://www.philpayments.org.ph/pesonet |access-date=2024-02-21 |website=PPMI}}</ref> |Account Number and Recipient's Bank Name Mobile Number Email ID<ref>{{Cite web |title=Your Guide to Using PESONet |url=https://www.bpi.com.ph/personal/bank/remit-and-transfer/pesonet |access-date=2024-02-21 |website=bpi.com.ph}}</ref> | |0.08 (2023)<ref name="CEDadiantiTyClea"/> |- |BLIK | {{flag|Poland}} |2015 |Bank Account |NFC Dynamic Code<ref>{{Cite web |last=Blik |title=First steps with BLIK |url=https://www.blik.com/en/first-steps-with-blik |access-date=2024-02-21 |website=blik.com}}</ref> |ATM Withdrawal & Deposit Recurring Payments |1.80 (2023)<ref>{{Cite web |title=BLIK sums up 2023 – nearly 1.8 billion transactions and 3 million new users |url=https://www.blik.com/blik-podsumowuje-2023-r-blisko-1-8-mld-transakcji-i-3-mln-nowych-uzytkownikow |access-date=2024-07-30 |website=blik.com |date=13 February 2024 |language=pl}}</ref> |- |Faster Payment System (Russia) |{{Flag|Russia}} |2019 |Bank Account |Mobile Number | |668 (2024) |- |Fast and Secure Transfers (FAST) |{{flag|Singapore}} |2014 |Bank Account |Bank Account Number with Bank Code<ref>{{Cite web |title=FAST |url=https://www.abs.org.sg/consumer-banking/fast}}</ref> | |0.29 (2022)<ref>{{Cite web |title=Singapore: FAST transactions volume 2022 |url=https://www.statista.com/statistics/1325967/singapore-fast-transactions-volume/ |access-date=2024-02-21 |website=Statista}}</ref> |- |PayNow |{{flag|Singapore}} |2017 |Bank Account |QR Code NRIC Mobile Number<ref>{{Cite web |date=2023-11-17 |title=PayNow Explained: A Guide to Seamless Transactions in Singapore |url=https://decentro.tech/blog/how-to-use-paynow/ |access-date=2024-02-21 |website=Decentro |archive-date=21 February 2024 |archive-url=https://web.archive.org/web/20240221224348/https://decentro.tech/blog/how-to-use-paynow/ |url-status=dead }}</ref> |International Remittance |0.31 (2022)<ref>{{Cite web |url=https://www.dpi.global/globaldpi/singapore_paynow |access-date=2024-02-21 |website=dpi.global}}</ref> |- |Bizum | {{flag|Spain}}<br>{{flag|Andorra}} |2016<ref name=":10">{{Cite web |title=Bizum {{!}} Learn about us, our history and our mission |url=https://bizum.es/en/about-us/ |access-date=2024-02-21 |archive-date=7 October 2024 |archive-url=https://web.archive.org/web/20241007090858/https://bizum.es/en/about-us/ |url-status=dead }}</ref> |Bank Account<ref name=":11">{{Cite web |title=Bizum {{!}} Find out how it works and what will be used for. |url=https://bizum.es/en/how-does-it-work/ |access-date=2024-02-21 |archive-date=7 October 2024 |archive-url=https://web.archive.org/web/20241007091303/https://bizum.es/en/how-does-it-work/ |url-status=dead }}</ref> |Mobile Number<ref name=":11" /> QR Code<ref name=":11" /> |Direct Donations to NGOs<ref name=":10" /> Cross-border instant payment<ref>{{Cite web |title=Is Bizum only in Spain? No! You can also use it outside the country.|url=https://bizum.com/es/en/blog/bizum-es-solo-en-espana/|access-date=2025-05-22 |website=bizum.com |date=31 March 2025 }}</ref> |1 (2022)<ref>{{Cite web |last=Corner |title=Bizum Reaches 20 Million Users And 1 Billion Transactions {{!}} The Corner |url=https://thecorner.eu/news-spain/spain-economy/bizum-reaches-20-million-users-and-1-billion-transactions/101384/ |access-date=2024-02-21}}</ref> |- |Swish | {{flag|Sweden}} |2012<ref>{{Cite web |title=Swish - För en enklare vardag sedan 2012. |url=https://swish.nu/ |access-date=2024-02-21 |website=Swish}}</ref> |Bank Account |QR Code Mobile Number<ref>{{Cite web |title=Swish - För en enklare vardag sedan 2012. |url=https://swish.nu/ |access-date=2024-02-21 |website=Swish}}</ref> | | - |- |TWINT | {{flag|Switzerland}} |2017<ref name=":12">{{Cite web |title=TWINT |url=https://www.twint.ch/en/}}</ref> |Bank Account |QR Code Mobile Number Dynamic Token<ref name=":12" /> | |0.59 (2023)<ref>{{Cite web |title=Twint Stats 2023 |date=22 January 2024 |url=https://www.twint.ch/en/press/twint-590-mio/}}</ref> |- |PromptPay | {{flag|Thailand}} |2021 |Bank Account |QR Code Mobile Number | |3.6 (2023)<ref>{{Cite web |title=Thailand: PromptPay transactions volume 2023 |url=https://www.statista.com/statistics/1131100/thailand-volume-of-promptpay-transactions/ |access-date=2024-02-21 |website=Statista}}</ref> |- |Faster Payment Service (FPS) | {{flag|United Kingdom}} |2008 |Bank Account |Account Number and Recipient Name QR Code |Forward dated payments Standing orders |4.5 (2023)<ref>{{Cite web |title=Faster Payment System statistics |url=https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/faster-payment-system-statistics/ |access-date=2024-02-21 |website=Pay.UK}}</ref> |- |Zelle | {{flag|United States}} |2017 |Bank Account |Email Mobile Number | |2.3 (2022) |- |FedNow |{{flag|United States}} |2023 |Bank Account | | | |- |Visa Direct |{{flag|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<ref name=":0" /> Visa Direct is different from Visa's card payment service, which is not an instant payment system<ref name=":2" /> |10 (2024)<ref>{{Cite web |title=Visa Direct Payment Volumes Climb 8% YOY – East & Partners |url=https://eastandpartners.com/news/visa-direct-payment-volumes-climb-8-yoy/ |access-date=2025-07-12 |language=en-AU}}</ref> |- |EasyPay |{{flag|Ukraine}} |2009 |Bank Account |Mobile Number | |0.05 (2021)<ref>[https://www.easypay.pt/wp-content/uploads/2022/11/8706-CAI-202112.EN_.pdf EasyPay 2021 report]</ref> |- |Multibanco |{{flag|Portugal}} |1985 |Bank Account |Unique generated number (Referência Multibanco) Bank Account Number
IBAN
Mobile Number (2015)
NFC (2017)
QR Code (2018) |ATM withdrawals In-store Payments
Government/Service Payments
Virtual Credit Cards
P2P transfers
Online Shopping |- |SEPA Instant Credit Transfer (SCT Inst, SEPA Instant Payment) |{{flag|EU}} |2017 |Bank Account |International Bank Account Number |Extension of the regular SEPA transfer mechanism; must be offered by all banks in the SEPA area (since October 2025). Supports QR codes for initiating transfers. |2060 (2024)<ref>[https://www.ecb.europa.eu/press/stats/paysec/html/ecb.pis2024h1~5263055ced.en.html Payments statistics: first half of 2024]</ref><ref>[https://www.ecb.europa.eu/press/stats/paysec/html/ecb.pis2024h2~5ada0087d2.en.html Payments statistics: second half of 2024]</ref> |- |} {{notelist}}
==See also== * Clearing (finance) * European Central Bank * EBA Clearing * SWIFT for NPP * Settlement (finance)
==References== {{Reflist}}
Category:Securities clearing and depository institutions Category:Payment networks Category:Payment systems