Instant Bank Transfers Reinvented: Effortless Process with Just a Few Clicks
Article Title: Revolutionising Banking: The Rise of Instant Transfers and Banking Apps
In the ever-evolving world of finance, the use of banking apps for transactions has witnessed a significant transformation from early digital payment solutions to widespread mobile and instant payments. This shift, driven by advances in technology and consumer adoption, has made banking more accessible and efficient than ever before.
Initially, mobile payments began with SMS-based systems in 1997, followed by platforms like PayPal in the early 2000s. Major innovations such as Apple Pay (2014) and Google Wallet (2015) accelerated mobile payment usage, with digital wallets handling trillions globally by 2023 and mobile payments comprising about 45% of that volume. The COVID-19 pandemic notably boosted digital wallet adoption, and projections estimate the global mobile wallet market will reach $7 trillion by 2025.
Within the SEPA (Single Euro Payments Area) region, the landscape of instant transfers has also undergone a significant change. The EU's Instant Payments Regulation (EU 2024/886), enforced since April 2024, mandates that from January 9, 2025, all payment service providers (PSPs) in the euro area must be able to receive SEPA Instant Credit Transfers (SCT Inst) with payments settling in 10 seconds, 24/7/365. By October 9, 2025, PSPs will also be required to actively send instant transfers, removing any surcharge on instant payments to ensure cost parity with traditional SEPA transfers. Furthermore, from October 5, 2025, the transaction limit of €100,000 for instant payments will be abolished, making instant transfers viable for high-value B2B and treasury payments.
The regulation also standardizes fraud prevention and mandates interoperability between legacy and real-time payment systems across SEPA’s 41 countries, including EU members, the EEA, the UK, and some smaller states. This legislation modernizes and harmonizes instant payment services across a wide geographic area, fostering faster, cheaper, and more efficient euro payments within SEPA.
A recent survey commissioned by Postbank reveals that three out of four consumers (74 percent) currently use an app to handle their banking transactions. The survey, conducted by YouGov between March 21 and 24, 2025, involved 2,060 respondents aged 18 and above. The survey findings suggest that a majority of these transactions (55 percent) are primarily done through apps. Banking apps offer additional features such as automatic invoice recognition, whereby the apps can scan barcodes on invoices to populate transfer fields.
Thomas Brosch, Postbank, discusses the use of barcodes on invoices for banking transactions, stating, "This feature not only streamlines the process but also reduces the risk of errors, making transactions more secure and efficient." The survey did not specify the countries or regions from which the respondents were drawn.
Despite the reliability of data capture, the survey results highlight the importance of double-checking a transfer before confirming it. As Brosch emphasizes, "While technology has made transactions faster and more convenient, it's crucial for consumers to remain vigilant and verify their transactions to avoid any potential issues."
With the evolution of banking apps and the implementation of regulations like the EU's Instant Payments Regulation, the future of instant transfers within the SEPA region looks promising, offering faster, cheaper, and more efficient payment solutions for consumers and businesses alike.
[1] Source: Statista [2] Source: European Central Bank [4] Source: European Payments Council
Technology plays a pivotal role in the growth of finance business, as advancements in it have led to the transformation of banking apps from early digital payment solutions to widespread mobile and instant payments. The finance sector, specifically within the SEPA region, has seen a significant change in the landscape of instant transfers, with regulations like the EU's Instant Payments Regulation aiming to make instant transfers more accessible and efficient.
In the study conducted by YouGov in 2025, three out of four consumers were found to be using banking apps for their transactions, with a majority of these transactions primarily done through apps. In light of this trend, the future of finance business lies in harnessing technology to provide faster, more secure, and efficient payment solutions.
