IMPS (Immediate Payment Service) has been ranked #1 on the Faster Payments Innovation Index, a platform that rates real-time programs based on how well they meet consumer needs and it’s comprehensiveness.
The NPCI recorded a whopping 135.74 million transactions worth over Rs.1.25 Cr. in the month of September 2018. These numbers only go to prove the reach and popularity of IMPS, in India.
How does the FPII Index rate programs?
The FIS releases the Faster Payments Innovation Index (FPII) every year. The index is based on a scale of 1-5 (5 being the highest). Each year they conduct a comparative rating system, where they compare, analyze and rate global payment schemes and systems.
Australia’s New Payments Platform (NPP) and Singapore’s Fast and Secure Transactions (FAST) are among the 14 systems that have been rated 4 in the rating index. Amongst the 25 countries that participated, China, UK, and Japan were some of the participants.
Criteria for the rating:
The focus points of the rating system depend on:
- Round the clock availability
- Adoption by local markets and vendors
- The immediacy of payments – the speed of transactions
Additionally, they also measure the innovation aspect and the overlay services that these schemes and systems have to offer. Some of these overlay services are QR codes, chats, retail apps, instant loans, API layers and more.
Measured on a scale of 1-5, here are what the metrics mean:
- Level-1 rating indicates fast payments.
- Level-2 rating indicates highly desirable features which aim at enhancing customer value.
- Level-5 rating indicates additional features employed by the scheme to maximize customer value.
Advantages of using IMPS:
Transfer money real-time:
RTGS and IMPS are the only modes which allow real-time money transfers. NEFT transfers take up to 2-12 hours and is dependent on the banks in play.
Round the clock availability:
With IMPS you can transfer money anytime, irrespective of national holidays and weekends.
The IMPS transaction limits range from Rs. 1 – Rs. 2 Lakhs. While different banks offer different transactions limits, based on the customer profile, you can verify with your respective banks.
You can use various channels to transfer funds. Some of the channels are ATM, net banking, SMS, USSD, and mobile applications via payment gateways.
Available through Multiple Channels:
You can transfer funds through various channels like ATM, Net banking, SMS, USSD, and Mobile Application. Additionally, NRI customers can also use IMPS to transfer funds from an NRI account to the account of a resident Indian.
IMPS can not only be used for fund transfers, but also for different payments. You can pay utility bills, buy travel tickets, get mobile recharges, make shopping payments and more.
With the growing trends, customers look for services that help provide them with a wholesome approach. They demand for transparency, certainty and quick and easy transactions.
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