Fast Payments: Infrastructure for Economic Growth

1Introduction

The World Bank defines fast payment systems (FPS) as systems where the payment message and final funds reach the recipient in real or near-real time, as close to 24/7 as possible. QR payments, request-to-pay, aliases such as phone numbers, and broader membership including non-banks set them apart.

2Discussion

According to the World Bank’s Global Payment Systems Survey, 61% of 93 countries surveyed already have an FPS or equivalent, and 29% plan one within three years.

A July 2026 World Bank blog explains the main macro channel as liquidity acceleration: funds received instantly are no longer tied up in settlement lags. Repeated digital payments also build transaction histories that can improve access to credit.

3Conclusion

The World Bank stresses that speed must come with safeguards, such as clear dispute resolution when a payment goes to the wrong recipient.