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The European FinTech Association (EFA) supports the European Commission's vision for retail payments, including making instant payments the new norm and promoting fair and equal access to critical infrastructure. Instant payments matter for European consumers and businesses in three ways:
1. They reduce customer worry and increase financial inclusion by providing faster access to funds, particularly for those on low incomes.
2. They help small businesses access liquidity faster, bolstering post-crisis economic recovery.
3. They increase competition and consumer choice in payment methods, driving down prices and empowering consumers to choose the best payment method for them.
EFA supports legislative action to promote adherence to instant payments, including equalizing fees between regular and instant transfers, and opening the instant payments scheme to FinTechs to foster competition and enhance consumer expectations.