Which terms are synonymous in the UK for instant payments?

In the context of payment systems within the UK, the term that is synonymous with instant payments is "Faster payments." This term specifically refers to a payment system established to facilitate near-instantaneous transfers of funds between bank accounts. The Faster Payments Service (FPS) allows individuals and businesses to send and receive payments almost instantly, which is a significant advancement over traditional payment methods that may take longer to process.

The concept of "real-time payments" is more commonly used in other regions, such as in the United States, and while it may describe a similar functionality, it is not the term widely recognized in the UK. "Immediate payments" may imply promptness but does not specifically refer to the established systems in the UK. "Rapid transactions," while suggesting quickness, lacks the formal recognition and specificity that "Faster payments" carries within the UK payment framework.

Thus, "Faster payments" is the correct answer as it accurately represents the official service that enables instant transaction capabilities in the UK, making it distinguishable and directly tied to the established infrastructure for instant payments.