Instant payments and cards: Apples and oranges or a possible substitute?

Diederik Bruggink and Alessia Benevelli
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Diederik Bruggink: Head of Innovation and Payments at ESBG, Belgium
Alessia Benevelli: Adviser, European Savings and Retail Banking Group, Belgium

Journal of Payments Strategy & Systems, 2021, vol. 15, issue 4, 398-409

Abstract: If instant payment instruments are to disrupt the card payments market as expected, this will require propositions that match or surpass those currently developed for cards. This begs the question whether instant payments can realistically substitute for certain card transactions. Certainly, there seems to be sufficient common ground for the former to substitute for the latter. Nevertheless, the two instruments are not the same, and each has its own characteristics, specific use cases and advantages. This paper explores some of the barriers to the full uptake of instant payments and the main challenges when it comes to driving adoption among the wider public.

Keywords: instant payments; cards; euro area; retail payments (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2021:v:15:i:4:p:398-409

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