Over 7,000 instant transfers were made a day in Portugal last year
Instant transfers have already become routine for payments in Portugal. From 18 September 2018, when this new payment instrument was launched, to the end of the year, on average 7,170 transactions were made a day in Portugal. In total, over 750,000 instant transfers were processed in around three and a half months, worth €648.5 million.
Customers' take-up of instant transfers is shown by developments in the usage indicators for this payment instrument. Around 3,500 instant transfers were made a day on average in September, worth €2.8 million on average. In the last month of the year, the average number of daily transactions rose to over 9,800, while the total value of instant transfers carried out daily tripled to €8.6 million on average.
The usage of this payment instrument has increased continuously since its launch. The average number of instant transfers made each day rose 41% month-on-month over the period, while in value terms this figure was 46%.
In regard to utilisation, private individuals accounted for around 70% and over 40%, in volume and value terms respectively. Use at weekends is considerably lower than on weekdays, although following the overall growth trend. Traffic is higher at the beginning and end of each month.
It is optional for payment service providers to participate in the instant transfer subsystem. Currently, the institutions offering their customers this option in Portugal represent over 95% of payment accounts, nevertheless, coverage and reach are expected to increase over the next few months, both in terms of the institutions participating and the segments and channels offering the service.