Instant Payments
Full Title or Meme
Instant Payments are payments that settle instantly, like the transfer of cash from one person to another.
Examples
India
The UPI-Lite wallet currently processes about ten million transactions a month. The Reserve Bank of India (RBI) increased the transaction limit from ₹200 to ₹500 (2.5 to 6 US dollars) and announced the intention to support offline payments with Near Field Communication (NFC). The Unified Payments Interface (UPI) is a smartphone application for banking, regulated by the RBI, enabling instant payments leveraging the Immediate Payment Service (IMPS) and the Aadhaar (Indian Digital Identity) Enabled Payment System (AEPS). UPI-Lite enables storing up to ₹2000 on a smartphone and use that amount for simple payments with no need for additional identification. -- Rosa Giovanna Barresi paytm LIPI lite
China
A comparison with China's e-CNY is made somewhat easier as the two populations are nearly equal (India's 1.42 billion against China's 1.41). So we start with the October 2021 official data: at that time 123 million individual wallets were open with a total GMV of RMB 142 million (19 million USD). India's numbers after a year are 10 million wallets with a total GMV of 33 million USD (₹ 280 crore).
