𝗜𝗻𝘀𝘁𝗮𝗻𝘁 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗖𝗵𝗲𝗮𝘁 𝗦𝗵𝗲𝗲𝘁
Peer-to-peer instant payments are becoming increasingly popular. Peer-to-peer payments let consumers use a #bank account or a credit or debit card to pay friends or family from their phone, to split a bill at a restaurant etc. Instant payments at a merchants’ #pointofsale are also increasing e.g. using a mobile app by the scanning of a QR code is an example of such use.
Like a bank transfer, instant payments directly transfer funds from one account to another. This is done instantly following the payment initiation. The funds become instantly available on the receiving party’s account .
Earlier this month, the European Union published a draft mandate, under which banks should make instant payment more affordable and accessible in the aim of making them mainstream, which is the case of classical ACHs today .
