The Immediate Payment Service (IMPS) saw a 14.27% growth in the total transactions taking place between October and November 2014, although there was only a 2.92% 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 7.8 million transaction (7,811,228 transactions) from 6.8 million transactions (6,835,765 transactions) while the amount transacted increased by 6.11% on a monthly basis to Rs 5,415.60 crore. The average transaction amount decreased by 7.14% on a monthly basis to Rs 6,933.09. Month-wise details: Bank Status Currently, 49 banks are signed up for IMPS. As of now, ICICI Bank has issued the maximum numbers of MMIDs which was at 21.30 million, followed by Axis Bank with 11 million, State Bank Of India with 6.43 million MMIDs, Indian Bank with 4.50 million and Kotak Mahindra Bank with 3.61 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 66.45% of the total number of MMIDs which was at 65.29 million by the end of October 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. Related - IMPS Data: 67.02M Mobile Money IDs; Rs 4,479 Cr Transacted In September 2014 – IMPS Data: 63.23M Mobile Money IDs; Rs 3,677 Cr Transacted In…
