The rise of instant payments: a cross-country comparison

Jakub Górka

Central European Management Journal, 2025, vol. 33, issue 4, 575-589

Abstract: PurposeThe article presents the uptake and development of instant payments across countries representing various geographies with diverse economic and social backgrounds. It identifies the critical success factors for the rapid adoption of instant payments.Design/methodology/approachThis study features five country cases where instant payments swiftly alter payment landscapes. These are Brazil’s PIX, India’s UPI, USA’s FedNow, Poland’s Express Elixir and BLIK, and the EU-wide SCT Inst. It discusses and compares all the country cases in detail.FindingsThe analysis identified success factors driving the widespread adoption of instant payments. It categorises these factors into five groups, each illustrated by country examples with their respective instant payment systems: regulatory support, an open ecosystem, and inclusive collaboration, network effects on the supply side of the market, network effects on the demand side of the market, and constant development through use and security improvements.Practical implicationsThis article offers valuable insights for policymakers and developers of instant payment schemes and systems on enhancing network effects and accelerating the adoption of instant payments.Social implicationsThe introduction of instant payments has profound implications for consumers and businesses. Consumers worldwide increasingly demand real-time payments that are available around the clock. Businesses seek streamlined cash management services that offer faster money flows, helping them reduce risk and exercise more precise control over working capital.Originality/valueThe findings contribute to a better understanding of instant payment adoption in various regions and countries, considering their unique characteristics.

Keywords: Instant payments; Innovation; Real-time; Network effects; Regulation (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:cemjpp:cemj-10-2024-0297

DOI: 10.1108/CEMJ-10-2024-0297

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