Wednesday, May 12, 2021
Home News Reports India's IMPS rated the best real time payment system in the world

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”.

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.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Bharat Biotech’s Covaxin gets a nod for phase 2 and 3 trials on 2-18 years-olds

SEC allows Phase 2 and Phase human clinical trials for Bharat Biotech's Covaxin for children between 2 to 18 years

Turkey Pres Erdogan fans conflict, dials up Muslim leaders to take strong stance against Israel

Recep Tayyip Erdogan invokes the 'ummah', calls upon Muslim leaders to take stand against Israel

Watch: Israel’s Iron Dome intercepts hundreds of rockets launched by the Palestinian terror group Hamas

The high-tech 'Iron Dome' is a short-range air-defence system designed to intercept rockets, artillery, and mortars. The surface-to-air missile system has been deployed by Israel Defence Forces since 2011 and has helped reduce casualties from rocket attacks against Israeli cities.

Pakistani actress Veena Malik’s justifies genocide of Jews as Israel-Palestine conflict escalates

Veena Malik's Twitter account has been withheld in India owing to a legal demand.

‘UP going the last mile to stop COVID-19,’ WHO lauds Yogi Govt’s efforts to tackle spread: Here is what the UP Govt is doing...

Efforts of Yogi Govt to tackle the Coronavirus surge gets acclamation from the World health organisation (WHO).

After oxygen, AAP govt plays politics over availability of COVID vaccines: Here is how they are wrong

The AAP Govt has begun diverting attention from its poor vaccination efforts by shifting the goalposts

Recently Popular

Israel spy agency Mossad’s parody account pokes fun at Bollywood entertainer Swara Bhasker over her ‘#FreePalestine’ campaign

Swara Bhasker had posted a tweet calling Israel apartheid and terrorist state following the clashes at the Al Aqsa Mosque in Jerusalem

As Netizens trend #ArrestMunmunDutta, the actor apologises, says she was misinformed and did not intend to use casteist slur: Details

Actor Munmun Dutta, most famously known for playing the character of 'Babita Ji in 'Taarak Mehta ka Ooltah Chasmah', today posted a statement on Twitter, apologising

NCP supremo Sharad Pawar believes he committed a big mistake by making Uddhav Thackeray the CM of Maharashtra: Report

A report published in Marathi daily Tarun Bharat said that Sharad Pawar conveyed to Sanjay Raut that he made a big mistake by making Uddhav Thackeray the chief minister of Maharashtra.

BMC chief explains why it is not the Modi govt but the states that need to be blamed for the oxygen crisis

BMC chief said that mismanagement of states is responsible for the oxygen crisis and increased number of SOS calls

Cartoonist gets Twitter notice for a caricature of Maharashtra CM Uddhav Thackeray: Details

The cartoonist took to Twitter to share the copy of the notice he received from the legal department of the microblogging website.

Iran: 20 year old youth Alireza Fazeli Monfared beheaded by half brother, cousins for being gay

Alireza Fazeli Monfared, a 20 year old Iranian youth, was murdered by his brother and cousins due to his sexual orientation.
- Advertisement -

 

Connect with us

254,924FansLike
541,882FollowersFollow
24,300SubscribersSubscribe