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Instant payments and cards: Apples and oranges or a possible substitute?

Author

Listed:
  • Bruggink, Diederik

    (Head of Innovation and Payments at ESBG, Belgium)

  • Benevelli, Alessia

    (Adviser, European Savings and Retail Banking Group, Belgium)

Abstract

If instant payment instruments are to disrupt the card payments market as expected, this will require propositions that match or surpass those currently developed for cards. This begs the question whether instant payments can realistically substitute for certain card transactions. Certainly, there seems to be sufficient common ground for the former to substitute for the latter. Nevertheless, the two instruments are not the same, and each has its own characteristics, specific use cases and advantages. This paper explores some of the barriers to the full uptake of instant payments and the main challenges when it comes to driving adoption among the wider public.

Suggested Citation

  • Bruggink, Diederik & Benevelli, Alessia, 2021. "Instant payments and cards: Apples and oranges or a possible substitute?," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(4), pages 398-409, December.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:4:p:398-409
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    More about this item

    Keywords

    instant payments; cards; euro area; retail payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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