The Interbank Mobile Payment Service saw a growth of 48.04% in the total transactions taking place, with a 2.83% increase in total number of Mobile Money IDs (MMID) being issued, according to data published by the National Payments Council of India. The decline in the growth percentage of MMIDs issued, reported in July is inconsequential, given that there were only 8903 transactions, and mostly person-to-person payments are taking place; the pilot for merchant transactions began in June.
23 banks have so far signed up for IMPS, and 10 of them are still in soft launch. The IMPS service has significant potential for growth, given its lower transaction costs, but banks haven’t done enough to promote it.
– June 2011: 11.38M IMPS Mobile Money IDs; Transactions Decline Marginally
– IMPS To Pilot Merchant Transactions; Should Not Increase Rates
– Why Are Banks Not Promoting The IMPS Money Transfer Service?