The Interbank Mobile Payment Service saw a decline of 4.72% in the total transactions taking place, however, there was a 6.12% increase in total number of Mobile Money IDs (MMID) being issued, according to data published by the National Payments Council of India. The growth in transaction volumes, from 12,511 to 11,853 marks a reduction in the growth of transactions month on month. The average amount per transaction also registered an increase of 15.6%, which was less compared to the increase last month. Also, it looks like the NPCI conducted an audit, since the recent volume analytics page has new numbers even for the previous months. However, we have decided to continue with the earlier figures. Details:
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.
30 banks have so far signed up for IMPS, the IMPS page now has customer care numbers, to enable people to get MMIDs. Amongst banks, AxisBank has issued the maximum number of MMIDs a 49.44 lakh.The more the MMIDs, the more the likelihood that P2P transactions will take place, and maybe, there will be more transactions than there are MMIDs, but the figures for this month are again pretty dismal. We’d again like to reiterate that Banks are still not promoting the IMPS at a level necessary for its growth.
– October 2011: 15.11M IMPS Mobile Money IDs; 12,511 Transactions
– September 2011: 14.97M IMPS Mobile Money IDs; 12,281 Transactions
– Poor Transaction Volumes Despite 14.31M IMPS Mobile Money IDs Issued In India
– 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?