The Immediate Payment Service (IMPS) saw a 15.25% growth in the total transactions taking place between June and July 2014, although there was only a 1.74% increase in total number of Mobile Money IDs (MMID) issued, according to data published by the National Payments Council of India. The transaction volumes also saw a similar 15.25% monthly growth to 4.4 million (4,497,034) from 3.9 million (3,901,865) while the amount transacted increased by 16.42% on a monthly basis to Rs 3,196.40 crore. The average transaction amount increased by only 1.02% on a monthly basis to Rs 7,107.80.
63 banks have so far signed up for IMPS, with seven 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. As of now, ICICI Bank has issued the maximum numbers of MMIDs which was at 20.11 million followed by Axis Bank with 8.90 million, State Bank Of India with 6.42 million MMIDs, Indian Bank with 4.49 million and Kotak Mahindra Bank with 3.31 million MMIDs. The contribution of top five banks has marginally declined for the month, but still accounts for 68.65% of the total number of MMIDs which was at 62.97 million by the end of July 2014.
While a few companies like Paytm, Atom Technologies, Dish TV, IRCTC, SpiceJet, Tikona and others have started adopting IMPS service, we feel partner banks are still not promoting IMPS at a level necessary for its growth.
– IMPS Data: 59.52M Mobile Money IDs, Rs 2,265.92 Crore Transacted In April 2014
– IMPS Data: 58.15M Mobile Money IDs, Rs 1,531.16 Crore Transacted In February 2014
– IMPS Data: 56.84M Mobile Money IDs, Rs 1,394.88 Crore Transacted In January 2014
– IMPS Data: 55.76M Mobile Money IDs, Rs 1,235.20 Crore Transacted In December 2013