I get a lot of conversations where people think that once you’ve created a mechanism for real-time payments, you don’t need any other way to move money. While real-time payments offer several advantages, they may not be suitable for every situation or preferred by every individual or business. Here are a few reasons why other payment methods might still be necessary despite the availability of real-time payments:

1. Compatibility: Real-time payment systems may not be universally compatible with all banks, financial institutions, or payment service providers. Some organizations might not have adopted or integrated the necessary infrastructure to facilitate real-time payments, making alternative methods necessary.
2. Accessibility: Real-time payment systems typically require access to digital platforms, such as online or mobile banking. However, not everyone has reliable internet access or smartphones, especially in certain regions or demographic groups. Traditional payment methods like cash, checks, or physical cards can still be essential for individuals who don't have access to digital channels. This can be especially true of cross-border real-time payments.
3. Transaction Limits: Real-time payment systems may impose transaction limits, either in terms of the maximum amount or the frequency of transactions. These limits are in place for security and fraud prevention purposes. For larger transactions that exceed the limit, other payment methods like wire transfers or electronic fund transfers might be necessary.
4. Payment Settlement: While real-time payments provide immediate availability of funds, the settlement of these payments between financial institutions can still take time in some jurisdictions. In some cases, the recipient may need to wait for the funds to be settled before being able to use them. Other payment methods, such as credit cards or digital wallets, provide more immediate access to funds, even if the settlement occurs later.
5. User Preferences: Different individuals and businesses have varying preferences and habits when it comes to payment methods. Some may still prefer to use traditional methods like checks or cash for personal reasons, while others might have existing agreements or systems in place that rely on non-real-time payment methods.

It's important to note that the adoption and availability of real-time payments vary across countries and regions. While real-time payment systems are becoming more prevalent, it may take time for them to become the dominant payment method worldwide.