Immediate Payment Service (IMPS) Enjoying Major Boom In India

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Immediate Payment Service (IMPS) enjoying major boom in India

Annual usage of the Immediate Payment Service (IMPS) in India is continuing to continuing to grow at a rapid rate.

According to United States based research firm Fidelity National Information Services (FIS), the daily transaction volume for IMPS increased from approximately two million in 2017 to around 2.8 million the following year. Sites like Betrally Casino India have helped to drive the growth, with many of their customers using to IMPS to fund their online gambling activities.

The electronic funds transfer system is a mobile-based inter-bank service that is available 24/7 all-year-round including bank holidays. Around 200 financial institutions are signed up to IMPS and that number seems certain to rise in 2019.

FIS rated IMPS as the best global fin-tech innovation for the second successive year, awarding it the only β€˜5’ mark in its rankings for the second successive year. 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.

IMPS beat other payment methods from countries like China and the USA, with the research finding that overlay services like chat, retails apps, open APIs and more encourage consumers to use real-time payments.

Similar to bank transfer methods used in Europe, IMPS offers users with an effective way to pay for goods and services. By visiting their online banking site and performing a simple transfer to the vendor, it is possible to successfully complete a transaction in under 30 minutes.

For the gambling industry these speedy characteristics have obvious benefits, but IMPS can be used in a plethora of other ways. From paying for a holiday at a local travel agent, settling a bill at a restaurant or something else, IMPS provides a perfect platform for financial transactions to be completed safely and securely.

With the World Payments Report 2018 from Capgemini and BNP Paribas forecasting that non-cash transactions will post a compound annual growth rate (CAGR) of 12.7 percent through to 2021, it is clear that the popularity of IMPS will only continue to increase over the coming years.

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