The ongoing digitalisation process is amplifying the importance of electronic payments for the functioning of the European economy. In response, the European Commission has stepped-up its ambitions to create an integrated payment system and to increase the autonomy of existing means of payments.
Real time electronic payments, also known as instant payments, play a pivotal role in creating the desired homegrown pan-European integrated payment system for both online and point-of-sale payments. In fact, the Commission has pledged to make instant payments the ‘new normal’ in the EU.
This meeting report is based on the discussion held during the CEPS-ECRI conference on ‘How to unlock the potential for instant payments?’ on 5 May 2022.