India vs Singapore · Real-time payment systems compared
| Capability | IMPS | FAST |
|---|---|---|
| QR Code Payments | — | ◐ |
| Wallet Support | — | ◐ |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | ✓ |
| ISO 20022 | — | ✓ |
| Request to Pay | — | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | — | ✓ |
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.
Singapore's two-layer instant payment infrastructure: FAST (Fast And Secure Transfers, 2014) provides the real-time clearing rail, while PayNow (2017) adds a proxy-based overlay allowing transfers via mobile number, NRIC/FIN, UEN, or VPA. PayNow has cross-border linkages with India's UPI, Thailand's PromptPay, and Malaysia's DuitNow. Governed by the Association of Banks in Singapore (ABS) under MAS oversight, the system supports P2P, P2M, and government disbursements with no transaction fees for individuals.