Immediate Payment Service (IMPS) has been rated the best payments innovation by FIS (Fidelity National Information Services), a US-based research firm. It has won this award for the second time.
In its 5th annual Flavors of Fast report, FIS included 40 active real-time payment services from around the globe. Singapore's Fast and Secure Transfers (FAST) came a close second.
IMPS and United Payments Interface (UPI) have been developed by National Payments Corporation of India.
IMPS is the fastest growing instant payment system in the world and the daily transaction volume on the service grew to 28 lakh this year from 20 lakh in 2017.
India's IMPS beat other services from countries like China and the US, with the highest rating of 5. The Singapore-based platform was given a rating of 4+.
The services were rated on a scale of 1-5 and took into account the comprehensiveness of the project and how well they meet the expectations of consumers and corporate customers.
According to the FIS report, IMPS achieved the high rating based on the system's standard, published application program interface and strong participation from third-party vendors.
Run through UPI, IMPS allows chatting feature on money transfer apps which encourages people to use it.
According to FSI research, overlay services like chat, retail apps, instant loans etc and open APIs bring innovation and this encourages consumers and businesses to make use of real-time payments.