The features of implementing a real-time retail payment system

The changes that have occurred in recent years in the global payment infrastructure, could not but affect the system of retail payments. The article considers the features of implementing a system of retail payments in real time in various countries, contains diagrams and tables to illustrate the technological structure and functioning of payment systems. Special attention is paid to innovations in the field of retail payments, especially to implementation of a system of retail payments in real-time. The main drivers of the transition to the system of retail payments in real-time are analyzed. Examples of introducing the systems of retail payments in the United States, Australia and Japan are examined in detail. Also in the article there are detailed tables describing operation of retail payment systems in various countries around the world. Retail payment systems are used by individuals primarily for settlements with the government and companies, as well as in the P2P mode. They include payments made by payment cards, money transfers without opening bank accounts and transfers of electronic money. Globally, the topic of retail payments in real time is the most discussed one for financial institutions. So, some countries have already implemented this system of payments, in some other countries it is being introduced, while others are only considering the possibility of switching to a system of retail payments in real time in the near future. In this regard, we believe that the system of retail payments in real time will bring tangible benefits to consumers, having such basic advantages as convenience, safety and speed of payments.