The report also highlighted the role of Unified Payment Interface (UPI) and QR codes as digital payment alternatives in India.
“Real-time digital payments can bridge some of these gaps,” it said.
The report highlighted infrastructure challenges for payments, pointing out that 25 crore people in India still do not have phones, and despite the presence of more than six crore merchants, there are less than 40 lakh POS devices. Download scientific diagram (a) IMPS and IMVS time constants as a function of light intensity ( ) 640 nm) for N719-sensitized ZnO and TiO2 solar cells. While demonetisation was a huge boost for cashless payments, the support for mobile numbers to be used for real-time payments added convenience and largely drove volumes, the report further said. “India saw a 10-fold increase in value and an eight-fold increase in transaction volumes through IMPS over the last year,” said the report, noting that it processes nearly two crore faster payment transactions every day. Real-time payments systems are also gaining popularity around the world, and their use has increased 35 per cent globally over the past year and nearly four-fold since 2014, it said.
IMPS is rated highest in FIS’s ‘Faster Payments Innovation Index’, beating real-time payment services of countries such as the United States, China, Japan, the United Kingdom, Germany, and others, it said, adding that six countries, including Australia, Denmark, Poland, Romania, Singapore, and Sweden, received a 4+ rating for their real-time payments systems. “India received the only 5+ rating, and remains the global leader in real-time payments usage,” according to the sixth annual Flavours of Fast report by FIS. India’s Immediate Payment Service (IMPS) has been rated as the world’s best real-time payment service in an analysis of 54 countries that have similar facilities.