The Interbank Mobile Payment Service (IMPS) saw a 8.36% growth in the total transactions taking place between December and January 2015, although there was a 0.32% decrease in total number of Mobile Money IDs (MMID), according to data published by the National Payments Council of India.
The transaction volumes grew on a monthly basis to 10.2 million transaction (10,296,788 transactions) from 9.5 million transactions (9,502,423 transactions) while the amount transacted increased by 15.68% on a monthly basis to Rs 7337.47 crore. The average transaction amount increased by 6.76% on a monthly basis to Rs 7,125.98.
Currently, 50 banks are signed up for IMPS. As of now, ICICI Bank has issued the maximum numbers of MMIDs which was at 25.78 million, followed by Axis Bank with 11.55 million, State Bank Of India with 6.44 million MMIDs, Indian Bank with 4.5 million and Kotak Mahindra Bank with 3.77 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 to 70.03% of the total number of MMIDs . 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: 70.49M Mobile Money IDs; Rs 5,415 Cr Transacted In November 2014
– 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 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