Deployments of real-time payment systems are surging worldwide, according to new research from FIS, a global leader in financial services technology.
In its fifth annual Flavors of Fast report, FIS identified 40 active real-time payment programs around the world, up from 25 in 2017 and nearly three times as many as the company’s inaugural 2014 study. Further, the report identified five payments programs under development, plus another 16 expected to be live in the next 12-18 months – double the number of programs on the radar in 2017.
India’s IMPS tops global ‘Faster Payments Innovation Index’ ahead of USA, China, and other developed countries digital payment service.
IMPS high rating is based on the system’s standard, published API, and strong participation from third-party vendors, according to FIS report. The system has been awarded “5” rating for second year in a row.
The “Faster Payments Innovation Index” rates programs on a scale of 1-5 (5 being highest), based on the comprehensiveness of real-time payments projects and how well they meet the needs of consumers and corporate customers.