Instant payments great success in Belgium
27 November 2019 - 3 min Reading time
Paying with a tranfser within seconds can be very convenient. Not only to pay that forgotten invoice just in time and to avoid late payment interest, but also, for example also to pay each other by bank transfer at a restaurant, at a flea market, ...
With instant payments, customers of the participating banks can transfer money 24 hours a day, 7 days a week. The money is in the account of the beneficiary very quickly – in principle within five seconds.
In March 2019, Belgium was one of the first European countries to introduce instant payments to the general public. Since then, instant transfers immediately took off.
Instant payments in numbers
At the end of October 2019, the counter already stood at 44.5 million instant payments executed within five seconds. On November 4, 2019, the daily record was recorded: 350,848. The average amount for instant payments is 431.53 euros in the first 8 months.
How does it work?
To make instant payments, your bank must offer this service. It is standard with some banks. For others, you must select this. Depending on the provider and your service package, the service can be free or paid.
Which banks participate?
The following Belgian banks process instant payments:
Argenta
AXA
Bank de Kremer
Bank J. Van Breda & C°
Bank Nagelmackers
Belfius Bank
BNP Paribas Fortis
CBC Banque
CPH Banque
Crelan
Europabank
Fintro
Hello bank!
ING België
KBC Bank
KBC Brussels
vdk bank
Those who are customers of these banks will be able to receive and possibly also make instant payments.
What does the future bring?
Bpost bank and Beobank will follow on December 1, 2019. In 2020, Axa bank will also offer instant transfers and more banks will follow.
You can also transfer not only to Belgian account numbers with instant payments. Some banks already offer European payments and that offer will be expanded even further in 2020.
