India Has The Most Evolved Payment Industry, Reveals Global FIS Study

A recent payments study from FIS revealed that the numbers of countries offering faster payments is growing and the whole nature of payment system is evolving.

The study also highlighted India, as the most evolved payment industry amongst the 25 countries surveyed.

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 – South Asia, FIS. “The Government of India has provided a number of incentives for real times payments as it looks to add more users through a completely seamless payment mechanism.”