So, who signs up for these mobile money IDs and why don't they use it after signing up? According to data published by the National Payments Council of India, the Interbank Mobile Payment Service saw another month of growth in terms of signups, with over 2.5 million MMIDs issued, leading to a month on month growth in MMIDs of 22.27%, but the total number of transactions remained remarkably low at 9,989. Think about it - it means that less than 7 people in 10,000 with MMIDs are transacting each month. Makes you wonder what banks are doing to encourage transactions among their customers. Things might change once merchant transactions are enabled (at present only P2P payments are allowed), but there is no guarantee of that; the pilot for merchant transactions began in June. 28 banks have so far signed up for IMPS, and 7 of them are still in soft launch. Two others - the State Bank of Hyderabad and State Bank of Bikaner and Jaipur are being certified. Related: - July 2011: 11.70M IMPS Mobile Money IDs - 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?
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...