Why Is It so Hard to Introduce Instant Payments?

One of the recent duh moments has brought up a thought of extremely high expectations modern consumers have for payments systems. The moment we are talking about is when Google Wallet was psyched to introduce instant money transfers with a phone number in minutes. For the industry and the company, it seemed like an outstanding accomplishment. However, the first thought some of us had was Duh. Didn’t they have this already?

It happens sometimes that breaking news for the industry doesn’t seem so breaking for us as consumers. Meanwhile, it actually took tremendous research, development and significant investments to be able to make an announcement. It is especially true when it comes to instant payments.

Just to give you an idea how much effort and work it actually requires, let’s look at the official draft of requirements FinTech companies have to meet to be able to introduce instant money transfer in Europe, for example, which has been explained by the European Savings and Retail Banking Group (ESBG). ...

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