India vs Argentina · Real-time payment systems compared
| Capability | IMPS | SNP |
|---|---|---|
| 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.
Argentina's Sistema Nacional de Pagos enables instant interbank transfers supporting both push (credit) and pull (debit) payments via CBU (bank account), CVU (virtual wallet), or alias (human-readable name). Operated by the BCRA, it connects traditional banks and the rapidly growing fintech/e-wallet ecosystem (Mercado Pago, Ualá, etc.). Transferencias 3.0 extended the system with interoperable QR codes for merchant payments, making it one of Latin America's most feature-rich instant payment platforms.