The Future Use of Instant Payments – The real benefits, much beyond mobile P2P, especially for busin


The Future Use of Instant Payments – The real benefits, much beyond mobile P2P, especially for busin

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Michael Salmony
BIT 1/2018
17 Seiten

Europe is joining the fold of geographies where Instant Payments will be the new norm. This will likely take many years to implement (hopefully not as long as SEPA: the first idea was mooted in the early 1990s and became a reality in 2015) and will certainly require significant  investments in billions of Euros. It will also absorb many years’ of management attention at banks and regulators that can then not be devoted to other topics, notably innovations beyond infrastructure. Is all this effort just to make P2P payments happen? Peer-to-peer payments based on mobile phones (mP2P) are already, although very rarely, enjoying some success, notably in UK (PayM), Sweden (Swish), US (Venmo) and Kenya (M-Pesa). However, countless attempts at mobile payments by digital disruptors, banks, mobile operators and others all over the world have largely failed. This article will analyse why successes are so rare, explore the interesting fact why the successes so far only happened outside the Euro-zone and whether a true underlying instant infrastructure is necessary for them at all. Finally we take the learnings from these lessons to map a success for the future: how the emergence of the new pan-European instant payment infrastructure may catapult Europe to the forefront of new services – well beyond infrastructure and beyond just mobile payment between consumers.

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