We don’t have post-demonetization data yet, but the Immediate Payment Service (IMPS) saw a 18.8% growth in the total transactions taking place between September and October 2016. There was a 1.74% increase in total number of Mobile Money IDs (MMID), according to data published by the National Payments Corporation of India. The NPCI is also the bank-led organization that runs the Unified Payments Interface (UPI), which doesn’t allow wallets.

Note: Download our digital payments report here. There’s more data there, but up to August 2016.

The IMPS transaction volumes grew on a monthly basis to 47.33 million (47,332,046 transactions) from 39.84 million transactions (39,841,934 transactions) while the amount transacted increased 18.56% on a monthly basis to Rs 37,838.9 crore. The average transaction amount decreased by 0.2% on a monthly basis to Rs 7,994.

Month-wise details:




Bank Status

53 commercial banks have signed up for IMPS.

Rs 31,916 Cr transacted in September 2016 using IMPS
Rs 29,657 Cr transacted using IMPS in August 2016
Rs 26,662 Cr transacted using IMPS in July 2016
Rs 25,852 Cr transacted using IMPS in June 2016