The Interbank Mobile Payment Service saw a growth of 71.47% in the total transactions taking place, with a 2.02 % increase in total number of Mobile Money IDs (MMID) being issued, according to data published by the National Payments Council of India. The transaction volumes almost doubled this month from 86,884 to 148,984, even as the amount transacted increased by 30.60 % to Rs 44.13 crore. The average transaction amount declined by 23.84% to Rs 2962.25. Month-wise details: Banks Status 52 banks have so far signed up for IMPS with 7 banks including Catholic Syrian Bank , IDBI Bank, Indian Overseas Bank, Andhra Bank, State Bank of Bikaner and Jaipur, Bank of Baroda and Dhanlaxmi Bank in soft launch. Among banks, ICICI Bank issued the maximum numbers of MMIDs at 165 lakh followed by AxisBank with 74.6 lakh, SBI Bank with 49.01 lakh MMIDs, Indian Bank with 44.9 lakh and Kotak Mahindra Bank with 20.07 lakh MMIDs. This means that the top 5 banks out of 52 account for as many as 87% of the total number of MMIDs. While it is expected that the more the MMIDs, the more the likelihood that P2P transactions will take place, the figures continue to be dismal. The NPCI is taking other steps to promote the service as well, including the introduction of a universal USSD code to access the service. We’d like to reiterate that all partner Banks are still not promoting the IMPS at a level necessary for its growth. Related: - IMPS Data: 44.49M Mobile Money IDs, Just…
