In brief: The European Union wants to make instant transfers compulsory

Four years after its introduction in 2018, the European Commission regrets that the adoption of instant payments is too slow. It has therefore just proposed a law that would oblige all banks in the European Union to offer an instant payment service at no extra cost compared to the classic transfer.

Euro area banks would be required to provide "instant payments" in the single currency 24/7.

The new rules are part of the EU's policy to "foster the development of competitive local and pan-European market-based payment solutions".

Adoption has been too slow, with only 11% of euro transfers in the form of instant payments at the end of last year in Europe, and only 3% in France.

The proposed law, published on Wednesday, amends the current rules and will be submitted to Member States and the European Parliament. Once the text is in force, banks will have six to twelve months to implement it.