1 in 7 transfers are made with Instant Payments
10 March 2021 - 4 min Reading time
177.6 million: that is the number of instant transfers we have made together in the past 24 months. An impressive number when you consider that they did not exist two years ago. The figure shows that instant transfers may well become the new normal.
At the beginning of March, instant transfers were allowed to blow out two candles. Time for a grade overview:
- Today, 20 banks process instant transfers, accounting for 95% of all payment accounts in our country.
- In 2019, we executed 59.8 million instant transfers. In 2020, there were just under 100 million (99.6). And in 2021 we already did 18.25 million!
- On an annual basis, no less than 14.5% of all transfers are made via Instant Payments, which means that 1 in 7 transfers are instant!
- In 2021, the main focus will be on instant payments across national borders.
The advantage of instant transfers: the money goes directly from the account of the payer, but is also immediately on the account of the recipient. And that is good news for both consumers and traders.
What is an instant transfer?
With instant transfers, customers of the participating banks can transfer money 24 hours a day, 7 days a week. The money is in the beneficiary's account in no time – in principle within five seconds – even if that customer is with another bank. Handy if you want to quickly pay an invoice that has been lost sight of. But repaying friends is also super simple. The possibilities are endless.
Some numbers
Since the start, 177.6 million instant transfers have been carried out in our country. Record day was December 1, 2020 with no fewer than 512,655 instant transfers. Today, 1 transfer in 7 instant. The average amount of an individual instant transfer was 574 euros last year.
The figures show a further increase compared to 2019 despite the pandemic, when we made 59.8 million instant transfers. The average amount per individual transfer was then 482 euros.
95% of payment accounts in Belgium can receive an instant transfer. Many banks already offer the service. In 2020, AXA Bank Belgium and bpost also included the service in their offer.
AION
Argenta
AXA Bank
Bank de Kremer
Bank J. Van Breda & C°
Bank Nagelmackers
Belfius Bank
Beobank
BNP Paribas Fortis
bpost bank
CBC Banque
CPH Banque
Crelan
Europabank
Fintro
Hello bank!
ING België
KBC Bank
KBC Brussels
vdk bank
Next up: instant transfers across national borders
Belgium was one of the first European countries to offer instant payments, after a few forerunners in the eurozone. This year, our ambition goes a little further and we are focusing on instant transfers across national borders. Experts then speak of cross-border instant payments.
Currently, Belfius, BNP Paribas Fortis, ING and KBC already offer these international instant transfers. The aim is to significantly expand this range by the end of 2021. In concrete terms, this means that by the end of this year all banks in Europe that offer instant transfers will be able to receive at least these cross-border instant payments.
