The Jacksonville, United States (US) based research firm Fidelity National Information Services (FIS) in its 6th annual Flavours of Fast report for 2019 rated India’s Immediate Payment Service (IMPS) as the world’s best real-time payment service in comparison to the similar facilities of 54 countries.
- It received the the only 5+ rating. It is rated highest in FIS’s ‘Faster Payments Innovation Index 2019’.
- Australia, Denmark, Poland, Romania, Singapore, and Sweden received a 4+ rating.
- India witnessed a 10-fold increase in value and 8-fold increase in transaction volumes through IMPS in 2018.
- 25 crore people in India still do not have phones and there are less than 40 lakh POS (Point of Sales) devices.
- Real-time payments systems have increased 35% globally in 2018 and nearly four-fold since 2014.
- Unified Payment Interface (UPI) and QR (Quick Response) codes are the digital payment alternatives in India.
Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India founded on 22 November 2010. It is managed by the National Payments Corporation of India (NPCI).