New Report: India's Fastest Growing Digital Payments Ahead of China's U.S.: How to Access India's Four Square Payments

[GlobeNewswire Tech Report by Lindy] A recent report released by FIS, a leading US-based financial services company, shows that India has the fastest growing digital payment system among 25 countries, including the US, China, Japan and India, Indian tech media Livemint reported.

The report uses the Fast Payments Innovation Index (FPII) rating system, which compares payment systems around the world. Parameters surveyed include 24/7 availability, adoption rates and payment immediacy.The FIS report reveals that the FPII categorises payment systems into different levels, with Level 1 representing fast payments, Level 3 denoting highly accessible features such as universal access and 24/7 availability, and Level 5 payment systems maximising customer value through features such as the provision of remittance information and push functionality. . The higher the level, the more advanced the development.

Among the countries assessed, Mexico, Brazil, Ghana, Nigeria, Iceland, China, South Korea and Sri Lanka are in the second tier," said Ramaswamy Venkatachalam, Managing Director, India and South Asia, FIS. Chile, Sweden, South Africa, Bahrain and Japan are in the third tier. Spain, Kenya, Poland, Finland, UK, Singapore, Denmark, Switzerland and Thailand are in the fourth tier. India's IMPS is the only system globally in the fifth tier."

Livemint reports that this achievement is attributed to the National Payments Corporation of India (NPCI), which in November 2010 launched an instant payment service (IMPS). The service supports real-time interbank electronic fund transfers through mobile and online banking applications.

The popularity of IMPS, along with the popularity of the Unified Payment Interface (UPI), has also accelerated the process of digital payments in India.The UPI was launched by NPCI in August 2016 and supports instant fund transfers between two bank accounts on mobile platforms without the need to provide details of the beneficiary's bank.

Data released by NPCI shows that the number of transactions reached 10.5 million in November this year, up 37% from 7.68 million in the previous month.

As previously reported by Global Times Tech, India Stack, a digital system set up in 2016, has also laid a solid foundation for digital payments in India. The interconnected system securely stores personally identifiable information such as home addresses, bank statements, employment records and tax returns, and not only stores them, but also shares them.

"The India Stack allows citizens to verify their Aadhaar information through fingerprints or retina scans, enabling them to open bank or stock accounts, buy mutual funds or share their medical records anywhere in India. In short, the "India Stack" system could become the basic framework for the digital society of the future.

Venkatachalam added: "Real-time payments are not just about speed, it's about creating a frictionless world of transactions and finance where the entire payment process is simple and can be done instantly."