Chennai: With a 10-fold rise in transaction value and eight-fold increase in volumes over last year, India’s IMPS has been rated the world’s best real time money transfer platform by FIS.
In the sixth annual ‘Flavors of Fast report’ by FIS, which analysed 54 countries, India’s Immediate Payment Service received the only 5+ rating on the Faster Payments Innovation Index scale of 1-5. The programmes were rated on innovative features, fund availability and market application. The payment systems of countries like the US, China, Japan, the UK, Germany, Australia, Denmark, Poland, Romania, Singapore and Sweden were analysed by FIS.
Launched almost a decade ago, IMPS is the core of one of the most evolved and sophisticated public digital payments infrastructures in the world. Funds can be accessed via mobile devices, online, at ATMs, through text messages and at physical bank branches.
India is one market which has successfully integrated real-time payments with mobile and the result has been 1,000 per cent plus growth rates. Though more than half the population remains offline, India’s real-time scheme processes 20 million fast payment transactions each day.
“Consumers and businesses globally are demanding faster payments,” said Raja Gopalakrishnan, Executive VP at FIS.