The European Central Bank ( ECB ) has launched a new system aimed at letting European companies receive payments almost instantly , helping them to compete with PayPal and other global tech companies , such as Google , Amazon and China 's Alibaba and Tencent . The TARGET Instant Payment Settlement ( TIPS ) system will let people and companies in Europe pay euros to each other within 10 seconds with a cost to the payment provider of a fifth of a euro cent , or $ 0.002 .
The European Central Bank (ECB) has launched a new system aimed at letting European banks settle payments almost instantly, helping them to compete with PayPal and other global tech giants, such as Google, Amazon and China's Alibaba and Tencent. The TARGET Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euros to each other within 10 seconds with a cost to the payment provider of a fifth of a euro cent, or €0.002.