Labour promises instant bank payments - is there a drawback?

A warning there are drawbacks to instant payments as Labour vows to make it possible 24/7 by 2030. 

The party wants to bring more competition to the sector helping fintech companies take on the big four banks. 

Part of Labour's plan to achieve this is by introducing e-money licences for businesses offering services like digital wallets and payments.  

Massey University Financial Professor Claire Matthews told Andrew Dickens that currently, if you're subject to scams there's a small window to get the money back. 

However, she says, when you have real-time payments, that's gone. 

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