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Faster Payment System

Faster payment systems have been actively developing in the last five years, but they were invented already in 70-80 years of the last century. Active implementation was hindered by a complicated model of operation, as transfers required a bank account.

With the improvement of technologies the service of fast transfers became more and more demanded. Now it is enough to specify a phone number to make a transaction and the client will receive the money. The main difference from classic transfers is that the client receives the money faster than the bank, the credit organisation itself receives notification of the transaction, approves it and then receives the funds. Fast transfer services allow you to receive money instantly 24 hours a week.

For businesses, the availability of fast transfers allows them to expand their sphere of influence. This method of payment is popular in many countries, so its integration into the site will attract new users. The offer is especially relevant for high-risk business. In order to reduce the number of returns and rejected transactions, it is important to connect a reliable payment gateway. Billblend already has fast transfers available as one of more than 50 payment methods. Learn more at the payment gateway’s website

How to use fast transfers

There are no difficulties in making payments. A client needs to perform only two actions to make a transaction.

The first is to register in the system or connect a solution for your bank account. Usually, fast transfers are already provided by the application interface of the participating banks. Some companies offer separate solutions that need to be downloaded and installed on your smartphone.

The second thing is to make a payment. The algorithm of sending funds may differ from one fast payment service to another for high-risk trading accounts. To send funds, you need to specify your mobile phone number, bank account number or user ID to whom you are transferring money. Then confirm the transaction. The client receives the funds within a few minutes.

One number is enough to make a transfer, you do not need to enter additional data. This simplifies the creation of applications for money transfer.

In what situations are fast transfers between individuals useful?

The system of fast transfers is useful not only for business, but also for ordinary users. They can use the service to make transfers without commission or with a commission that is lower than that of bank transfers.

In ordinary life, the service of fast transfers is useful in the following cases:

Some organisations offer bonuses or draws for valuable prizes if customers pay their bill through the quick payment system.

Fast transfers are used by many people to make purchases and pay for services. If a business plans to expand its reach and attract users with all modern payment methods, it should not abandon fast transfer technology. Billblend’s payment gateway allows businesses to integrate this payment method. Together with these customers get support for more than 100 payment systems and 70 currencies, including cryptocurrency. Billblend offers a complete turnkey solution for high-risk businesses.

Answers to common questions

Which intermediary should I choose for purchasing via fast payments?

To purchase goods and services through fast payments, the payment gateway must support this payment method. Billblend offers such a solution for businesses.

How does the fast payment system work in the UK?

In 2008, the Bank of England launched a service that supports b2b, b2c, c2b and p2p payments. Since 2014, users have been able to transfer money between accounts with no fee by mobile phone number.

How does the fast payment system work in Hong Kong?

Faster Payment System has been operating in Hong Kong since 2018. It has p2p, c2b, c2g transfers available.

The main advantages of the Faster Payment System?

The speed of receiving money is the main plus of this way of making payments. Money arrives on the account of customers in a matter of seconds. The advantages include low or no commissions, a wide range of payment options, and the ability to transfer funds to clients of other banks.