Immediate payments: Beyond ubiquity, convenience speed and security paving the road to a cashless society

Abstract

The digitisation of payments has transformed how payment transactions can be completed. Customers demand real-time payment capabilities, and the industry is responding to those demands. Around the world, new infrastructures are being launched that allow for the rapid—sometimes instantaneous—transfer of value from one account to another, with certainty and convenience and at a low cost. While this benefits society at large, transaction banks may see an erosion of certain revenue streams. Those that prepare, however, will realise new opportunities as well. Regardless, the global shift to immediate payments shows no signs of abating and will continue to gain momentum in coming years.