A few years earlier, the Indian government has made a coordinated effort at making digital payments pervasive. For those residing in the big cities, the conception of digital payments has reached significant proportions. Although, some genuine concerns surrounding the security of private data, digital payments in India has made real progress.
This evolution is reflected in a global report which is published by the US-based financial services technology giant Fidelity National Information Services (FIS), which has rated India’s digital payment systems above the ones accepted in Japan, China and the UK. Dominating the charge for India is the immediate payment service (IMPS), which has earned a rating of 5 from the Fidelity report titled as ‘Flavor of Fast, 2017’.
The report also goes on to the highlight of the growing popularity of the Unified Payments Interface (UPI), which has encouraged the IMPS model. It is a digital payment system which is developed by the National Payments Corporation of India and controlled by the RBI. According to the government website, “UPI is a system that powers multiple bank accounts into a single mobile app, which merges different banking features and merchant payments into one hood”.
To the naïve, the IMPS is a quick interbank electronic fund transfer service through cell phones and internet banking applications. This payment system has proven to be safe and economical for merchants and as well as consumers. In its report, the FIS has emphasized how UPI has successfully handled to allow the direct assimilation of payments with external business applications.
The report further elaborated that the UPI is justifying that open access central to innovation and is also a powerful driver of adoption. The introduction of UPI in August 2016 led to the formulation of a wealth of new creative payment solutions.
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