It’s crap in comparison. It’s not flexible at all. It’s still SEPA even though it’s “instant” and not all banks support it yet (although they are supposed to).
The UX of SEPA is lacking in comparison to other modern payment systems for sure. I'm confident though, that it will improve soon. Wero [1] seems like a decent start and appears to be gaining traction lately. It's basically a layer on top of SEPA Instant payment with extra features and a decent app based UI/UX.
Banking apps can also generate a QR code for receiving payments.
They are not quite as seamless as tap-to-pay, but they work with pretty much every bank in the Austria, which is neat.
We pay 2.50 EUR for a SEPA transfer, it's ridiculously expensive.
We need local integrations for every market to cut costs.
Usually SEPA payments are completely free for consumers. And I believe there’s a EU-mandated fee cap which is much less than 2.50 €. But if you have a business account, things are different.
We clearly need to look into other banks.