Which of the following describes a key feature of instant payments?

A key feature of instant payments is that they are irrevocable at the time the payment is made. This means that once the payment is initiated and confirmed, it cannot be reversed, providing both the sender and the receiver with certainty and security that the transaction is final. This characteristic is fundamental to instant payment systems, as it differentiates them from traditional payment methods where transactions may be subject to reversals or holds.

In contrast, deferred payments allow transactions to be settled at the end of the business day, and limiting processing to business hours would negate the immediacy that instant payments offer. Additionally, while some instant payment systems may have limits on transaction amounts, many support a wide variety of transaction values, contrary to the notion that only small transactions are supported. Therefore, the irreversibility of payments at the time of transaction is a core defining feature of instant payment systems, making this characteristic essential for understanding their operation and appeal in the current financial landscape.