Increasing Demand for Immediate Bank Transfers: A Closer Look at the Growth Trends and Impact on Financial Transactions

2024-03-04 03:27:33

Immediate transfers between banks have registered accelerated growth in the number of operations in the last four years.

Thus, 176 million immediate transactions were carried out – in the last 12 months – as of January 2024, a figure that quadrupled the 43.8 million deferred operations (which take more than a day or more to be carried out), according to the Electronic Clearing House (CCE). ).

The implementation of interoperability has been an important factor in the increase in instant money transfers, said Martín Santa María, general manager of the CCE.

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In September 2023, when financial entities joined this deployment, payments with cell phone numbers represented 3% of transfers, he commented.

Four months later, this share increased to 12% in January, to the detriment of transfers with CCI code (interbank account code), he added.

Likewise, a sustained increase is observed in the number of immediate transactions since 2021, the year in which 61.5 million were carried out.

This responds to the extension of the hours of said shipments starting in December 2020, to 24 hours a day, seven days a week.

Who leads in amounts?

Despite the advance in the number of immediate transfers, deferred transactions – which are carried out only in an established time range – continue to lead in amount.

S/ 293,900 million were sent through this last type of operations – in the last 12 months – as of January 2024, while the immediate ones totaled S/ 150,700 million in said period.

For Santa María, the explanation for this behavior is that the deferred operations come from companies and are used in the payment of payrolls or to suppliers, which involve large sums of money.

In contrast, instant payments originate from people and are usually for low amounts, since with wallets they are less than S/ 500 and with CCI they have an average ticket of S/ 2,689.

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