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Instant money transfers gain a following in Belgium

© Belga

A few months after its launch, instant payment seems to have found its audience.

By the end of November, some 44.5 million money transfers had been made and accounted for 12% of total transfers, Febelfin (banking sector federation) reported on Thursday.

Instant transfers allow bank clients to transfer money 24 hours a day, seven days a week. This money is sent almost immediately to the beneficiary’s account — in principle within five seconds. Belgium launched this possibility for the general public last March.

By the end of October, some 44.5 million transfers had been executed, of an average amount of 431.53 euros. And the trend could still be increasing. Since 4 November, a peak has been reached with 350,848 instant transfers just in one day, Febelfin reported.

Most Belgian banks already offer this service to their customers. Bpost Bank and Beobank will do so early as 1 December, whereas Axa Banque will start in 2020.

The Brussels Times