Banks already make enough money from interest on loans, they can afford the minor cost of an instant SEPA transfer. The €7 cost that the parent is charged is way too high, I only have to pay €0.5 for the same with my bank, with a cap of €2,000 on the amount of the transfer (above it can only be the slow transfer).

Yes, hopefully that will be the case when everyone uses it due to economies of scale. A few extra euro cents per transaction should only represent a small burden per account holder.

I hope so. I hope it won't be the case where it's enforced that people have the ability to send money instantly but the cost isn't capped.

I already pay a monthly fee for my bank account, and other banks manage to offer instant transfers for free. I really can't imagine that instant transfers cost my bank 7€ per transaction.

They are just trying to make a quick profit.

Just like card payment processing fees, this is a case where banks are overcharging for a service, and the EU will fix the situation.

The tech is there. By now, the cost of restricting instant payments to select customers (e.g. those with a premium account, those who agree to pay an extra fee per transfer, ...) could very well be higher than the cost of giving it to everyone for free and not having to maintain the restrictions part of the tech.

(Cost, not revenue, mind).