A recent payments study from FIS, a global leader in financial services technology, has revealed that the number of countries offering faster payments is growing and the whole nature of payment schemes is evolving. The study also highlights India as having the most-evolved payment scheme amongst the 25 countries surveyed on parameters such as round-the-clock availability, adoption and immediacy of payments.
FIS’ fourth edition of the Flavors of Fast survey studied the NPCI’s Immediate Payment Service (IMPS) which makes use of a centralized identification scheme where aliases can be used as an alternative to bank account numbers to simplify the transaction experience. Along with IMPS, the study also revealed the use of Unified Payments Interface (UPI) which is a combination of real time payments with open interfaces with an intention to replace cash, POS and wallets.
“Real-time payments are not only about speed. They’re about creating frictionless trade, and a financial world in which the entire payment process occurs easily and immediately,” said Ramaswamy Venkatachalam, Regional Managing Director – India & South Asia, FIS. “The Government of India has provided a number of incentives for real time payments as they look to add more users through a completely seamless payment mechanism,” he added.
India’s IMPS offers an instant payment service for online and mobile devices, available 24/7, that provides a safe and economical service for consumers and merchants to make and request payments. The system is now in its seventh year of operations.