Online payment gateway CCAvenue has enabled the Immediate Mobile Payment Service (IMPS) for merchant payments which allows users to make real-time inter-bank payments via mobile phones. To use their IMPS service, users have to click on the IMPS as the payment option on the site or mobile site, enter their Mobile Money ID number (MMID), mobile number and the One Time Password (OTP) given to them by their bank. Users are required to apply to their bank to obtain their MMID. Earlier this week, mobile -focused e-commerce platform Paytm introduced IMPS on its platform, through which users will be able to use their mobile wallets to transfer money into bank accounts. The transaction volumes on IMPS grew on a monthly basis to 10.2 million transaction (10,296,788 transactions) from 9.5 million transactions (9,502,423 transactions) in January 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 hasremained unchanged on a monthly basis. CCAvenue in the news Earlier in January, CCAvenue had launched a multi-lingual checkout/payment page for websites and apps. The Indian languages offered by the gateway…
