Transaction volumes and usage increased dramatically in some parts of the world
The faster payment rail on its own is not transformative; the overlay services that run on top bring additional value to
the end user, and for the bank and other parties attached to the scheme.
FIS Director Payment & Data Solutions
Since launching the Immediate Payment Service (IMPS) in 2010, India has cultivated one of the most evolved and sophisticated
public digital payments infrastructure in the world. In 2018, daily faster payment transaction volume in the
country is 2.8 million, up from two million daily transactions just one year prior.
Faster payments adoption in the second most populous country in the world has partly been driven by its embrace
of smartphones as a payment vehicle, but primarily fueled by overlay services on IMPS, offered through the
Unified Payments Interface (UPI). Google’s Tez, Facebook’s WhatsApp and more than 70 bank apps now use this
interface, which equips application developers to enable the initiation and collection of payments.
Faster payments usage has surged from 12 million payments per day in 2017, to 25 million this year. Growth has been heavily
influenced by QR code- initiated payments that allow users to scan QR codes at the point of sale with a mobile
device; it links to their bank account for immediate payment. This empowers instant payments with many merchants—
including taxis and street vendor who can simply print their QR code on a sign, or even their shirt—no POS