January 9th 2025 is the implementation deadline for all banks in the eurozone to receive instant payments. This is arguably one of the most significant deadlines for European payments innovation since PSD2 came into force seven years ago.
From January 9th, all banks across the entire eurozone will be required to receive instant payments. So if a consumer pays from a bank that supports instant payments at checkout, it is guaranteed that Pay by Bank will move the money into the merchant’s euro bank account in under ten seconds.
What’s more, from January 9th, every bank offering instant payments must also ensure that the levy on the customer is no higher than normal credit transfers. In other words, the initiation of instant payments will be free of charge for most consumers.
Jan Van Vonno – Head of Industry and Wallets at Tink, said, “In recent years, we have seen instant payment services explode in markets such as Brazil, Thailand and India – with these three markets alone accounting for 179 billion transactions in 2023, according to central bank data.
“Meanwhile in the EU, progress has been uneven and fragmented – despite the 2017 SEPA Instant Credit Transfer Scheme promising to usher in a new normal. By levelling the experience across the EU with the arrival of eurozone-wide instant payments, we overcome one of the major barriers to instant A2A payments going mainstream.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
