Smart Payment Association (SPA), the global trade body of the smart payments industry, has published proposals for an instant payment card solution.

The solution allows individuals or businesses to make payments or transfer funds in real-time, even during non-working hours and also when other options are unavailable.

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The proposed solution extends SEPA instant Credit Transfer functionality to consumers paying at the point of sale (POS) terminals in stores and retail outlets across Europe.

The proposal includes a new instant payment card and a digital card in a mobile wallet, which will be issued by the consumer’s bank.

The consumers can make real-time in-store transfers using the new card or a smartphone app.

The approach is similar to the conventional contactless functionality. If the consumer uses the card, they can access POS terminals for contactless payments.

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In case the consumer uses the mobile wallet, they can make payments through the customer verification method, using a PIN or supported biometric modalities.

The new proposal is said to comply with existing EMV standards and leverages existing POS terminals across Europe by initiating instant payments.

In his paper, SPA President Alain Martin stated: “By showcasing how to make it possible to extend pan European instant payment options into the retail space, our proposals illustrate the art of the possible.

“They aim to build on the enthusiasm for such a solution amongst many retailers – further raising interest and triggering discussions within the wider payments industry.”