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World's Real-Time Payment Systems

Updated: Oct 3, 2023

Sixth Stop: India

Contributed by Lim Jing Wei, Chief Fintech Officer

Exploring India's Real-Time Payment Revolution

In this article, we're delving into the world of India's Real-Time Payment Network, a testament to innovation and convenience in the digital age.

India boasts not one but two real-time payment services, both owned and operated by the National Payments Corporation of India (NPCI) in collaboration with the Reserve Bank of India (RBI). First, there's the Immediate Payment Service (IMPS), which made its debut in 2010. Then came the Unified Payment Interface (UPI) in 2016, which has been nothing short of revolutionary, not just in India but beyond.

What's UPI All About?

Unified Payment Interface, or UPI, is a remarkable system that unifies multiple bank accounts into a single mobile application, regardless of the participating bank. Imagine having all your banking needs in one place – from seamless fund routing to effortless merchant payments. But UPI doesn't stop there; it's a versatile tool that even caters to "Peer to Peer" collect requests, which can be scheduled and paid at your convenience.

What truly sets UPI apart is its immediate money transfer capability via mobile devices, accessible 24/7/365 with a single click and backed by two-factor authentication via a secure virtual ID. Payments can be initiated through the NPCI's Bharat Interface for Money (BHIM) app, directly within banking apps, or even through popular digital wallets. UPI covers a wide spectrum of transactions, including person-to-person, person-to-business, business-to-business, bill payments, government payments, and QR code payments.

A Remarkable Growth Trajectory

The growth of UPI has been nothing short of phenomenal. From 2.2 billion transactions in December 2020 to 4.5 billion in December 2021, and a staggering 7.8 billion in December 2022, UPI's popularity is skyrocketing.

CYS Global Remit – Bringing Real-Time Payments to You

Exciting news for our valued customers – CYS Global Remit is gearing up to launch Real-Time payments for Indian Rupee Payments through our mobile application.

At CYS, we're not just following trends; we're shaping them, making your financial experiences faster, safer, and more convenient than ever before.


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