Sri Lanka vs India · Real-time payment systems compared
| Capability | CEFTS | IMPS |
|---|---|---|
| QR Code Payments | ✓ | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | — |
| Request to Pay | — | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | ✓ | — |
The Common Electronic Fund Transfer Switch is Sri Lanka's fast-payments backbone, launched in 2015 by LankaPay under Central Bank of Sri Lanka guidance as part of the Common Card and Payment Switch (CCAPS). CEFTS clears 24/7 real-time interbank credit transfers up to LKR 5 million, initiated through internet/mobile banking, ATMs, kiosks or over-the-counter. LANKAQR (QR-code standard), JustPay (in-app payments) and LPOPP (online payment platform, including GovPay) all ride on CEFTS. CEFTS now carries roughly two-thirds of Sri Lanka's interbank retail transactions.
Immediate Payment Service is India's original 24/7 real-time interbank transfer system launched by NPCI, and the foundational infrastructure that UPI was later built upon. IMPS uses MMID (Mobile Money Identifier) and mobile number for addressing, supports transfers up to INR 5 lakh, and connects banks via the National Financial Switch. While UPI has overtaken it for consumer payments, IMPS remains widely used for direct bank-to-bank transfers and backend settlement.