Banque de France highlights growth in instant transfers

Each year, the Observatoire de la Sécurité des Moyens de Paiement (OSMP), run by the Banque de France, presents trends in the use of different payment methods and their fraud rates. In its latest edition, the OSMP focuses on instant transfers, noting their growing adoption in France and Europe.
FACTS
- This year's latest annual report from the Observatoire de la Sécurité des Moyens de Paiement (Payment Security Observatory) highlights the growth of cashless means of payment, up 5.2% in number of transactions by 2023. But the payment method that stands out for its growing adoption is the instant transfer, which has seen its use increase by 46% in value terms.
- The number of instant transfers will even be 84% higher in 2023 than in 2022. Its use now represents over 6% of the number of transfers issued.
- The Observatory notes that the fraud rate for instant transfers has fallen since 2021, reaching 0.04% in 2023.
- However, OMSP points out that the card remains the most widely used cashless payment method in France, accounting for 60.7% of all payments.
CHALLENGES
- An asset in the fight against fraud: The fraud rate for instant transfers is falling, and is still lower than for cards. The Observatory therefore reiterates its recommendations aimed at ensuring the rapid and secure development of this new means of payment. This is all the more important given that, while the total amount of payment fraud remains below 1.2 billion euros in France, fraud techniques involving user manipulation are on the rise (representing 379 million euros in 2023).
- Following the trend: The figures presented today by OSMP show that France is closely following the European trend in the democratization of instant transfer usage. According to the European Central Bank, more than 16% of transfers in Europe will be instant transfers by December 2023.
- Short-circuiting the card: OMSP points out that the growth of instant transfers, supported by regulations, represents a threat to the card, since it could reduce future growth in card transaction volumes by 15 to 25% (and even up to 37% by 2027).
MARKET PERSPECTIVE
- The rise of the instant transfer is at the heart of the work of many players today. Observers are predicting a bright future, as illustrated by Capgemini's World Payments Report 2025. It predicts that instant payments will account for 22% of all dematerialized transaction volumes by 2028.
- In Switzerland, some sixty banks can now accept instant transfers, and the service is set to become more widespread in the coming months.