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Instant Payments: Regulatory Innovation and Payment Substitution Across Countries

Author

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  • Mr. Tanai Khiaonarong
  • David Humphrey

Abstract

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.

Suggested Citation

  • Mr. Tanai Khiaonarong & David Humphrey, 2022. "Instant Payments: Regulatory Innovation and Payment Substitution Across Countries," IMF Working Papers 2022/228, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2022/228
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    Cited by:

    1. Arvind Ashta, 2023. "How Can Fintech Companies Get Involved in the Environment?," Sustainability, MDPI, vol. 15(13), pages 1-18, July.

    More about this item

    Keywords

    Instant payments; payment substitution; regulatory innovation; instant payment; payment risk; direct debit payment; payment share; Payment systems; Europe;
    All these keywords.

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