Instant Card-Based Payments: Meeting Customer Needs Immediately and Everywhere

Consumers and businesses increasingly expect faster and real-time payment options. They prefer to use convenient, flexible, dependable, and secure payment methods that are available digitally, 24/7/365, and accepted by all or most people and businesses. Financial institutions and service providers have various options to meet the growing customer demand for instant payments, including flexible and adaptable interbank real-time payment rails like FedNow and RTP, as well as card-based networks like Visa Direct and Mastercard Send. 

This impact note provides an overview of instant push-to-card payment solutions, such as Visa Direct and Mastercard Send. These solutions offer significant benefits to financial institutions, consumers, and businesses, including increased transaction speed, enhanced security, and improved customer satisfaction.