The Immediate Payment Service (IMPS) saw a 22.01% growth in the total transactions taking place between August and September 2014, although there was only a 6% increase in total number of Mobile Money IDs (MMID) issued, according to data published by the National Payments Council of India.
The transaction volumes grew on a monthly basis to 6.1 million transaction (6,169,981 transactions) from 5 million transactions (5,056,836 transactions) while the amount transacted increased by 21.8% on a monthly basis to Rs 4,479.67 crore. The average transaction amount decreased by 0.18% on a monthly basis to Rs 7,260.43.
64 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 20.41 million, followed by Axis Bank with 9.05 million, State Bank Of India with 6.42 million MMIDs, Indian Bank with 4.49 million and Kotak Mahindra Bank with 3.39 million MMIDs. What’s worth noting that these numbers has remained unchanged on a monthly basis.
This led to the contribution of top five banks marginally declining to 65.29% of the total number of MMIDs which was at 67.02 million by the end of September 2014. While IMPS has seen some merchant adoption over the past year, we feel partner banks are still not promoting IMPS at a level necessary for its growth.
– IMPS Data: 63.23M Mobile Money IDs; Rs 3,677 Cr Transacted In August 2014
– IMPS Data: 62.97M Mobile Money IDs, ICICI Bank with most; Rs 3,196 Cr Transacted In July 2014
– 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