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IMPS declared best instant payment system in the world

The information was revealed in the fifth-annual 'Flavors of Fast' report by FIS.

  • Published: September 28, 2018 1:22 PM IST
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Immediate Payments Service (IMPS), India’s very own instant payments and electronic funds transfer system, has been rated the best global payments service in the world. The information was revealed in the fifth-annual Flavors of Fast report, released by US-based research firm Fidelity Information Services (FIS). For the report, FIS took into account forty real-time payment systems from across the globe.

According to a Business Today report, IMPS beat payment services from countries like China. India’s payment system secured a 5-star (highest) rating for the second year in a row, followed by Singapore’s Fast and Secure Transfers (FAST), which got a 4+ (second-highest) rating.

The index assigned ratings to competing payment systems on a scale of 1-5, analyzing how well they meet the needs of both regular and corporate consumers.

As noted by Business Today, IMPS is the fastest-growing immediate payment system in the world. The number of daily transactions handled through IMPS were 2.8 million/day this year, up from 2 million/day in 2017.

IMPS was assigned the highest rating on the basis of the system’s standard, published Application Programming Interface (API), as well as participation by third party vendors, according to the FIS report.

Immediate Payments Service (IMPS) is managed by National Payments Corporation of India (NPCI). The service is available 24×7 throughout the year.

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Earlier this month, Unified Payments Interface (UPI), the inter-bank transaction system (also) developed by NPCI, crossed 300 million monthly transactions. The upgraded version of UPI was launched in August this year. The key features of UPI 2.0 include ‘Overdraft facility’, ‘One Time Mandate’, ‘Invoice in the inbox’ and ‘Signed intent & QR’.

  • Published Date: September 28, 2018 1:22 PM IST