With an index rating of five, India has the most evolved digital payments system among the 25 countries in the world. This includes the UK, Japan, China, Sweden and Switzerland, according to a recent report.
The indexing report has been prepared by FIS Global based on the parameters such as round-the-clock availability, adoption, and immediacy of payments.
A score of five refers to countries which meet most features maximising customer value.
Out of the 25 countries, India is the only country to have scored five. Following closely is the UK with four, while Japan and China had a score of three and two respectively.
UPI & IMPS: Opening Access To Real-Time Payments Integration
The report has hailed India as an example of faster payment innovation index. It observed, “A primary example of the importance of innovation is the impressive rollout of India’s Universal Payments Interface (UPI) that opens up access to real-time by allowing payments to be directly integrated into external business applications.”