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Instant Payments: Regulatory Innovation and Payment Substitution Across Countries
Author:
Mr. Tanai Khiaonarong
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https://orcid.org/0000-0002-1731-3201
and
David Humphrey https://isni.org/isni/0000000404811396 International Monetary Fund

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Series:
IMF Working Papers
Volume/Issue:
Volume 2022: Issue 228
Language:
English
Publication Date:
18 Nov 2022
DOI:
https://doi.org/10.5089/9798400221897.001
ISBN:
9798400221897
ISSN:
1018-5941
Pages:
27
Keywords:
Instant payments; payment substitution; regulatory innovation; instant payment; payment risk; direct debit payment; payment share; Payment systems; Europe
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Instant, or fast, payments are credit transfers completed and settled within seconds or minutes. They have low costs, reduce payment risk, and have significantly replaced the use of cash, cards, or check and direct debit payments. We note the role played by regulators in promoting instant payments and identify instances of significant payment instrument substitution across 12 advanced and emerging market economies. This substitution reflects the realized demand for attributes offered by instant payments. As these attributes are quite similar to those for CBDC, the demand for retail CBDC (if issued) may be less compelling.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund