Summary

’Instant’, ’immediate’ or ’real-time’ payment refers to electronic payment solutions available 24/7 that enable real-time or close-to-real-time clearing of the transaction and crediting of the payee’s account with a confirmation to the payer, irrespective of the underlying payment instrument e.g. credit transfer, direct debit or payment card.

Key findings included in this report -

  • In today’s connected world consumers have come to expect instant fund transfers in the same manner they expect instant access to information on their computers or smartphones. Instant payments facilitate the 24/7 transfer of funds, immediate peer-to-peer (P2P) mobile payments, emergency payments at any time, and innovative payment products via mobile phone.
  • Fast payment systems are live in 18 markets globally, and are planned in 24 markets - these systems are still an exception rather than the rule, but this is expected to change in the near future.
  • The benefits of instant payment systems for banks and other payment service providers vary from increased potential to deliver new services to customers, to efficiencies created through the shift from paper-based to electronic payments, to strengthening relationships with current customers and facilitating customer acquisition.



Critical success factors -

  • Consumer strategy: Banks offering services that run on the instant payment platform need to promote and educate customers on the benefits of the new payment solutions.
  • Innovation strategy: Collaborate with the fintech sector to develop new payment services for the retail and corporate segment.
  • Merchant strategy: While instant payments by default drive growth in credit transfers and P2P payments, there is great potential in developing payment solutions for purchases at the point of sale.



The report "Instant Payments: A Global View", contains an in-depth review of instant payment systems around the world, including analysis of the key systems currently in place, and their strengths and weaknesses.

In depth, this report provides the following -

  • Defines the term “instant payments” as it applies to consumer/retail payments.
  • Identifies the main features of instant payment systems and the consumer needs these serve.
  • Analyzes the instant payment systems currently in place in key markets in Europe, Asia, Africa, and the Americas.
  • Provides an in-depth analysis of the instant payment systems in place in the UK and Singapore, as well as the system being developed in Australia.



Companies mentioned in this report: BlueCash, Vocalink, Danske Bank, Swish, Paym, Barclays, OCBC, BPAY, PayPal, Apple, Alibaba, Ripple, NETS


Scope

  • In today’s connected world consumers have come to expect instant fund transfers in the same way they expect instant access to information on their computers or smartphones.
  • Fast payment systems are live in 18 markets globally, and are planned in 24 markets - these systems are still the exception rather than the rule, but this is expected to change in the near future.
  • The benefits of instant payment systems for banks and other payment service providers vary from increased potential to deliver new services to customers, to efficiencies created through the shift from paper-based to electronic payments, to strengthening relationships with current customers and facilitating customer acquisition.




Reasons To Buy

  • Understand the context (both in terms of market-level drivers and consumer drivers) behind the development of instant payment systems.
  • Learn about the key features of instant payment systems worldwide, which players use them, and what advantages they offer to consumers.
  • Gain an in-depth understanding of the latest system in development: the New Payments Platform in Australia.