FPC releases new study on instant payments adoption

When commenting on the release of the study, representatives from the FPC mentioned that the results underline the momentum within the payments industry. By adopting instant payments, financial institutions are set to improve user experiences while also fostering increasing competition, innovation, and inclusion in financial services. Additionally, the FPC underscored its commitment to addressing potential difficulties and supporting faster payment solutions.

The study analysed how various factors, such as use cases, benefits, and industry difficulties, are influencing the future of instant payments. Some of the findings highlighted by the FPC include that survey respondents believe that between 70-80% of financial institutions are projected to receive instant payments by 2028, while 30-40% are set to have the ability to send instant credits by the same period. In addition, early adoption drivers include earned wage access, wallet funding, P2P, marketplace and brokerage payouts. At the same time, mid-term use cases like B2B payments and online banking bill pay are projected to scale broader adoption.