Available in France for 5 years now, Instant Transfer represents a fast and reliable payment method that allows money to be transferred in record time. Although revolutionary, this mode of payment has only been adopted by a minority. A situation that should change soon.
Why is there less interest in instant transfers?
This means of payment is already available in the main banks of the country, but its use generates additional costs, hence customer reluctance. In organizations that offer this service for free, it is used for most transactions. This is especially the case with FortunioOut of which 76% money transfer is done through instant transfer, while 80% in postal bank. Instant transfers represent an important advantage for the customer. It allows you to transfer money from one bank account to another, day or night, in less than 10 seconds through a mobile app.
The French should be delighted by the new European regulation on accelerated migration. “Instant payments regulation will allow people to transfer money in ten seconds. At any time of the day, including out of office hours, not only in the same country, but also to another member state of the European Union. Details of the press release of the Council of the European Union.
As a reminder, there are many interbank instant payment solutions in France, also very popular like Paylib. It also offers free instant transfers for transfers not exceeding 500 euros.
Normalization at 18 months
According to the text recently voted in the European Parliament, accelerated migration must be generalized across the continent. All European banks have to adopt it and offer it to their customers at no extra cost or with the same cost as applicable to traditional transfers. Thus, in France, instant transfers will be free, just like standard transfers. Currently, this service is billed at one euro at the level of organizations that do not offer it for free.
So this will disappear as soon as the new European regulation comes into force. According to the text still adopted in parliament, this measure will be implemented in 18 months, that is, in 2026. However, in some countries that have not yet implemented the single currency, the deadline has been extended to 2027. The deadline for payment with them is set at 2028 in national currency through denominated accounts.
