Real-time payments are rapidly expanding globally, with new systems launching and existing ones evolving. Qatar Islamic Bank introduced Fawran in Qatar, allowing instant transactions through their mobile app using unique account identifiers. Moldova launched the MIA Instant Payment System, enabling transfers in under 15 seconds using just a phone number, with 10 banks and four payment institutions participating. Sweden joined the TARGET Instant Payment Settlement (TIPS), becoming the first non-eurozone country to do so and using the krona for transactions. Mexico's advancements come from Fintech Prometeo's new product, which integrates with the central bank and enables payments directly to bank accounts in under 40 seconds. Finally, India is working on interoperability for internet banking digital payment systems to facilitate faster settlements for merchants. These developments indicate a significant move towards more efficient and user-friendly payment solutions worldwide.
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