India's IMPS rated best payments service in the world
BusinessToday.In September 27, 2018
India's real-time money transfer platform IMPS (Immediate Payment Service) has been rated the best global payments innovation by US-based research firm FIS (Fidelity National Information Services). In its fifth annual Flavors of Fast report, FIS identified 40 active real-time payment programs around the world.
IMPS was adjudged the best fin-tech innovation, beating payment services from countries like US and China. IMPS took home the highest 5 rating for the second year in a row. In comparison, Singapore received the second-highest 4+ rating for its Fast and Secure Transfers (FAST) service.
The index, which rated programs on a scale of 1-5 (5 being highest), measured the comprehensiveness of real-time payments projects and how well they meet the needs of consumers and corporate customers.
IMPS is the fastest growing immediate payment system in the world. The daily transaction volume of IMPS grew from about two million per day in 2017 to approximately 2.8 million per day this year.
The high rating of IMPS was based on the system's standard, published API (application program interface) and strong participation from third-party vendors, according to the FIS report.
Both Unified Payments Interface (UPI) and IMPS have been developed by National Payments Corporation of India (NPCI).
IMPS, which runs through the country's UPI, has allowed money transfer apps to feature chatting capabilities which further encourages public use of real-time innovation.
The FIS research found that overlay services - chat, retail apps, instant loans and more - and open APIs provide innovations that encourage consumers and businesses to use real-time payments.