Europe has long been a hotbed for payments innovation, with recent years seeing a shift from cash, debit and credit cards to technologies like buy now, pay later (BNPL) solutions, digital wallets and account-to-account payments.
Until recently, retail payment services normally took one or up to a few working days from the end user’s perspective. The introduction of instant payments, which are cleared and/or settled within seconds on a 24/7 basis, offers the possibility of making funds immediately available to the payee. With the rise of new payment technologies developed by both banks and non-bank payment service providers (PSPs), consumers and businesses now have a wide range of payment instruments to choose from.
With a plethora of payment instruments to choose from, consumers and businesses in Europe have more options than ever. The establishment of the Single Euro Payments Area (SEPA) has played a pivotal role in reshaping the European payments landscape, fostering the growth of real-time payments across the continent, particularly in the Nordic region. This area has been a digital payments pioneer for decades, setting an example for the broader European Union.
More recently, the European Central Bank launched the TARGET Instant Payment Settlement (TIPS) service, which enables real-time settlement of instant payments in central bank money.
In fact, daily real-time payments volume in the country, which jumped significantly at the onset of the pandemic, is expected to increase from the 433 million daily average recorded in 2021 to hit 833 million by 2026, a compound annual growth rate (CAGR) of 15%.
Taking a case of Denmark, according to a report, Denmark’s journey toward a cashless society is moving faster than the rest of the world, in line with a trend seen across other Scandinavian countries. The migration of the mobile payment services MobilePay and Swipp to instant payments clearly contributed to the quick uptake of instant payments in Denmark, and mobile payments continue to be an important part of the volume of instant payments.
Although exact figures have not been published, it has been estimated that mobile payments account for the majority of instant payments in Denmark. Authorities such as central banks, governments and parliaments have played and continue to play an active role in promoting instant payments. According to Denmark’s National bank, the continued growth in instant payments suggests, that they are to some extent replacing cash.
Now is the time to ask the question: will instant retail payment services become “the new normal” and what would this new normal look like?
Dive into the heart of instant payments evolution with the Balkans Instant Payments Round Table. As a dynamic regional forum, we're gathering the industry's brightest minds, financial experts, and technology pioneers to drive the transformation of payments in the Balkans region. Join this intimate and engaging discussion that delves into the intricacies of instant payments. This round table brings together key stakeholders from across southeastern Europe including Albania, Croatia, Greece, Serbia, Slovenia and more to explore challenges, share best practices, and foster collaboration that propels the adoption of instant payment solutions.
Unveil the untapped potential of instant payments in the Baltics. From financial institutions to cutting-edge fintech disruptors, this round table convenes a diverse array of stakeholders to uncover opportunities, streamline processes, and enhance the financial fabric of the Baltic region. Join us for an illuminating dialogue that transcends borders and explores the nuances of instant payments. The Baltics Instant Payments Members Round Table Meeting is your platform to share insights, exchange ideas, and collaborate with fellow industry experts from Northern Europe including Estonia, Latvia, Lithuania in a vibrant atmosphere conducive to innovation and growth. 
Step into the forefront of the instant payments revolution with the Central Europe Instant Payments Round Table. As a premier regional platform, we're assembling the sector's leading thinkers, eminent financial professionals, and innovative tech trailblazers to catalyze the metamorphosis of payments in Central Europe. Engage in a deep and insightful conversation that navigates the complexities of instant payments. This round table amalgamates pivotal stakeholders from across Central Europe, encompassing countries like Poland, Czech Republic, Slovakia, Hungary, and more, aiming to dissect challenges, disseminate best practices, and cultivate a synergy that accelerates the embrace of immediate payment methods.
Embark on a journey into the epicenter of instant payments progression with the Benelux Instant Payments Round Table. As a distinguished regional convocation, we are rallying the industry’s foremost intellects, esteemed financial leaders, and avant-garde tech innovators to spearhead the renaissance of payments within the Benelux domain. Immerse yourself in a profound and constructive discourse that ventures deep into the subtleties of instantaneous transactions. This round table melds pivotal figures from Belgium, the Netherlands, and Luxembourg, endeavoring to untangle challenges, promulgate top-tier methodologies, and nurture alliances that advance the adoption of real-time payment frameworks.
Delve into the nexus of instant payments transformation with the Iberia Instant Payments Round Table. As a distinguished regional assembly, we're mobilizing the sector's top strategists, revered financial authorities, and trailblazing tech visionaries to pioneer the next era of payments in the Iberian peninsula. Engage in enriching dialogues that dissect the fine details of immediate transactions. This round table assembles vital influencers from Spain and Portugal, striving to address challenges, propagate effective strategies, and foster partnerships that bolster the swift adoption of instant payment mechanisms.
Embark on a transformative odyssey with the Nordics Instant Payments Round Table. As a paramount regional confluence, we're aggregating visionary thinkers, influential financial figures, and edgy tech disruptors to recalibrate the payment landscape of the Nordic region. Plunge into captivating discussions that spotlight the intricacies of on-the-spot transactions. Converging stakeholders from Sweden, Norway, Denmark, Finland, and Iceland, this round table sets the stage to confront challenges, share pioneering insights, and craft collaborations that elevate the trajectory of instant payment modalities.
Venture into the vanguard of instant payments advancements with the UK & Ireland Instant Payments Round Table. As an elite regional gathering, we're bringing together the brightest luminaries, financial stalwarts, and pioneering tech minds to shape the future of payments in the British Isles. Dive into in-depth discussions that tackle the nuances of real-time payments. Drawing participants from across the United Kingdom and Ireland, this round table aims to navigate challenges, exchange unparalleled insights, and stimulate collaborations that amplify the momentum of instant payment innovations.
Explore the cutting edge of payment evolution at the DACH Instant Payments Round Table. As a premier regional symposium, we're rallying industry vanguards, esteemed financial luminaries, and groundbreaking tech architects to champion the modernization of payments across Germany, Austria, and Switzerland. Engage in insightful exchanges that delve deep into the world of instant payments. With representation from the heart of Central Europe, this round table endeavors to discern challenges, spread exemplary practices, and weave connections that supercharge the uptake of instantaneous payment systems.
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