Initial experience with instant payments

Authors Andersen, Anders Tofthøj; Gladov, Tommy Meng
Subject Payments; Payment systems; Payment systems
Type Monetary Review  
Year 2015
Published 21 April 2015
Link to publication Monetary review, 1st Quarter 2015
In November 2014, it became possible for citizens and firms in Denmark to make instant payments. They can be made through online banking, mobile banking, Swipp or MobilePay. The daily number of instant payments averages 130,000. A considerable part of the use can be attributed to MobilePay and Swipp payments, which are all made as instant payments. Instant payments were facilitated in a joint effort by the Danish financial sector and Danmarks Nationalbank as part of the final phase of the large-scale modernisation of the Danish payments infrastructure. The article describes the initial experience with the use of instant payments and outlines the system behind instant payments, including how their finality is ensured.