IMPS Revolution
About IMPS Revolution
The Immediate Payment Service was launched by the National Payments Corporation of India in 2010. IMPS allowed instant 24/7 money transfers between bank accounts using mobile phones. Before IMPS, electronic transfers in India took hours or days. IMPS processed transactions in seconds. The service was the precursor to UPI, which launched in 2016. IMPS proved that instant digital payments could work at scale in a developing country with limited infrastructure. The success of IMPS and UPI demonstrated that public payment infrastructure, provided free or at low cost, could transform a countrys digital economy. India has exported the UPI model to several countries and is seen as a global leader in payment innovation.
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