India’s IMPS rated the best real time payment system in the world

India’s Immediate Payment Service (IMPS) has been rated the best real-time payment system in the world, for the second time in a row. In a report titled 2018 Flavors of Fast prepared by Fidelity National Information Services (FIS), 40 real-time payment programs around the world were studied and IMPS was rated the best.

FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. In the fifth edition of the report, the payment programs were rated on a scale of 1 to 5, where 5 is the highest. India’s IMPS was the only system which was rated 5. Australia’s New Payments Platform (NPP) and Singapore’s Fast and Secure Transfers (FAST) were in second place, each rated 4.5 in the scale. The scale of 5 means that the system meets most features maximising customer value.

The report states that since launching the Immediate Payment Service (IMPS) in 2010, India has cultivated one of the most evolved and sophisticated public digital payments infrastructures in the world. The IMPS has been dubbed the “Most evolved, sophisticated public digital payments infrastructure in the world”.

- Advertisement - - Article resumes -

IMPS’ highest rating is based on standard, published API (application programming interface) and strong participation from third-party vendors, says the report. It also states, “one of the fastest-growing immediate payment services in the world, IMPS’ daily transaction volumes have grown to nearly three million a day. The growth is partly attributed to the fact that the second most populous country in the world has widely embraced the smartphone as a payment vehicle, but primarily driven by the additional overlay services offered on top of the faster payments rails. These services are offered through the Unified Payments Interface (UPI), an overlay on IMPS that gives an application programming interface (API) to application developers, enabling the initiation and collection of payments”.

IMPS and UPI both have been developed and managed by National Payments Corporation of India (NPCI). NPCI is an umbrella organisation for operating retail payments and settlement systems in India. This organisation is owned by a consortium of banks and promoted by Reserve Bank of India.

Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.

Most read articles recently

Image Source: The Week

Mandya: Actor-turned-politician Prakash Raj attends funeral of Pulwama martyr, villagers expose his hypocrisy towards Armed Forces

Prakash Raj, a left wing ideologue, who is often known for joining hands with the left-liberals to express their hate towards Hindus and the BJP, has plans to contest in the upcoming elections from Bengaluru Central Lok Sabha constituency.

Pakistan quotes The Quint, Karan Thapar and Praveen Swami to brand Kulbhushan Jadhav as a ‘RAW spy’ at ICJ

Pakistan quoted several articles published in Indian to present its case during Kulbhushan Jadhav hearing at the International Court of Justice
Locals even pelted stones at injured jawans

Pulwama attack: Women, children in Kashmir ferried expensive military grade RDX in small quantities for months

The trigger for the explosive was manufactured locally and that ammonium nitrate was used as an oxidizer in the RDX explosive. The military grade RDX was obtained from Pakistan and the device was assembled around 10 km from the blast site.
How Ravish Kumar and Vinod Dua misled people about ‘martyr status’ to CRPF jawans after Pulwama attack

How Ravish Kumar and Vinod Dua misled people about ‘martyr status’ to CRPF jawans

Ravish Kumar of NDTV is a man known for many lows. But this may well be his lowest point.
Amar Singh donates property worth Rs 15 crore to RSS-affiliated Seva Bharti.

Amar Singh donates ancestral properties worth 15 crores to RSS-affiliated organisation Seva Bharti

Amar Singh donated Rs 15 crore property to Seva Bharti, an RSS affiliated social service organisation.

Pakistanis get scared about attack by India after seeing their own Air Force fighter jets flying over civilian areas

Several people posted on social media that India has dropped bombs over Sialkot in Pakistan

Waters of 3 rivers flowing into Pakistan will be diverted to Yamuna as per Indus Water Treaty: Nitin Gadkari

Nitin Gadkari had said that dams and other developmental projects are being conceptualised on the 3 rivers will choke Pakistan’s water supply

Congress workers used to do booth capturing for me and my father when there was no EVM : Congress leader Kirti Azad

Kirti Azad was suspended from the Bharatiya Janata Party in 2015 after he accused senior BJP leader Arun Jaitley of Corruption.
Article 370

Article 370 must go: BJP can’t pussyfoot any longer

So what is this Article 370 which allows J&K to function much against the national (or for that matter, it’s own) interests?

The Hindu not only cropped the Rafale dissent note, but also had digitally manipulated it

Comparison of Hindu document with ANI document shows that Hindu had doctored the Rafale dissent note

Latest articles

Connect with us


Don't miss these