During Trustech payment and ID conference in Paris at the end of 2024, Greg Toussaint (Director, Paris) moderated a panel discussion on the revolution of instant payments in Europe.

The participants of the panel discussion were the following:

• Pierre Bienvenu, Head of Division - Cashless Means of Payment, Banque de France

• Mark Dillon, Solution Marketing Director, Ingenico

• Pauline Cieutat, Market Intelligence and Innovation Lead, EPI Company

• Charlotte Pagot, Secretary General, Mercatel

The panel discussion started by evaluating the current situation in terms of the adoption and usage of different payment methods, highlighting the digitalisation of payment methods varying between European countries depending on historical payment infrastructure and consumer habits in different European markets. The needs of consumers are by and large covered by the existing range of payment methods. However, as these needs evolve, payments also need to transform by developing more digital features such as the integration of digital wallets, and increasing the speed of payments by leveraging instant payments.

When it comes to instant payments, the January 2025 deadline made SCTInst mandatory in the Euro area to standardise and speed up payment services across Europe. The new European payment scheme EPI with its digital Wero was also discussed, receiving strong support from both Banque de France and Mercatel.

The digitalisation of B2B payments and electronic invoicing regulations were highlighted as key changes related to B2B payments to facilitate the exchange of funds between businesses. This digitalisation also contributes to streamlining B2B processes and payments to bring greater internal efficiency, cost savings and new revenue streams in the B2B payment value chain.

A balanced business model was identified as a key lever to develop further SCTInst and facilitate adoption and usage for all actors in payments. The examples of PIX in Brazil or UPI in India were discussed to highlight significant developments in instant payments in specific geographies.

When it comes to the future of instant payments, all participants agreed on core principles: high security, high availability and competitive pricing. Instant payments also bring significant challenges related to security, anti-money laundering and counter-terrorism financing. EPI wallet Wero was considered by panelists as a very interesting option to develop instant payments in Europe and offer a digital wallet solution in various European countries.

‍

The content of this article does not reflect the official opinion of Edgar, Dunn & Company. The information and views expressed in this publication belong solely to the author(s).