India vs Switzerland · Real-time payment systems compared
| Capability | IMPS | TWINT |
|---|---|---|
| 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.
Switzerland's dominant mobile payment app for P2P transfers, in-store QR payments, and e-commerce checkout, used by 5M+ Swiss residents (over half the population). Operated by TWINT AG — a joint venture of major Swiss banks (UBS, Credit Suisse/UBS, ZKB, Raiffeisen, PostFinance) and SIX Group — it works through individual bank apps or the standalone TWINT app. Unlike card networks, TWINT settles directly between bank accounts with low merchant fees. It has become Switzerland's answer to mobile payment systems, competing with Apple Pay and Google Pay in the Swiss market.