When we talk about instant payments, we are talking about a payment method that links up and pulls money straight from a bank account and into a customer’s, in real time. If users already have a linked bank account, offering instant payments allows for a much quicker checkout process, and payment is reflected immediately. As an example, digital wallets need registration, a deposit of funds, and a possible KYC (know your customer) procedure before allowing payment.
Real-time payment will continue to grow worldwide for years to come. The global real-time payments transaction value for 2023 sits at USD$97 billion, with forecasts of its 2030 transaction value hitting USD$376 billion.
Most used options
-
- PIX
- UPI
- PROMPTPAY
- DUITNOW
Cómo funcionan los pagos en tiempo real
Cuando se trata de transferencias de cuenta a cuenta (a2a), cada sistema de pago en tiempo real tiene su propio proceso.
En algunos servicios, su cliente iniciará el pago a través de la aplicación bancaria y escaneará el código QR en la página de pago, o usará la tecnología tap-to-pay en el punto de venta.
Otros funcionan de manera similar a un pago estándar, redirigiendo a la aplicación o sitio web del proveedor de pagos en tiempo real, con la información de la transacción previamente rellenada. El usuario ingresará su método de verificación elegido (biométrico u OTP), ¡y el pago se realizará!
Key features and benefits of transacting using real-time payments
-
Instant
funds are pulled 24/7, 365 days per year unlike traditional payment methods. The payment is reflected immediately -
Affordable
There is no surcharge for making an instant payment -
Varied transactions
instant payments can be utilized peer-to-peer (p2p), customer-to-business (c2b), and business-to-business (b2b). -
One account
Hold all your accounts under one profile
Benefits of accepting real-time payments for your business
Real-time payments are a win for global businesses and their customers. In countries with low financial inclusion and high unbanked populations, real-time payments help with integration with banks, making cross-border e-commerce transactions more accessible and convenient.
-
Speed
Receive funds in real-time, and pay partners more reliably.
-
Coverage
In regions where the government is involved in the payment methods implementation, the majority of banks and businesses in the area will utilize the instant payment option.
-
Improved liquidity management
Instant clearing and settlement reduces the amount of money locked in processing.
-
Secure
Eliminates the risk of card fraud and chargebacks.
-
Varied transactions
instant payments can be utilized peer-to-peer (p2p), customer-to-business (c2b), and business-to-business (b2b).
-
Instant
funds are pulled 24/7, 365 days per year unlike traditional payment methods. The payment is reflected immediately.
