Turkey vs India · Real-time payment systems compared
| Capability | Fast System | IMPS |
|---|---|---|
| QR Code Payments | — | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | — |
| Request to Pay | — | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | ✓ | — |
Turkey's instant payment system (Anlık Ödeme Sistemi) operated directly by the Central Bank of the Republic of Turkey (TCMB). Supports transfers via IBAN, phone number, email, or Turkish ID number with 24/7 availability and sub-second settlement. Launched during a period of rapid digital payment adoption in Turkey, it connects banks and e-money institutions. The system processes both TRY and has provisions for future multi-currency support as Turkey's fintech ecosystem expands.
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.