wordpress blog stats
Connect with us

Hi, what are you looking for?

June 2011: 11.38M IMPS Mobile Money IDs; Transactions Decline Marginally

The Interbank Mobile Payment Service saw a marginal decline of 1.07% in the total transactions taking place, despite there being a 2.93% increase in total number of Mobile Money IDs (MMID) being issued, according to data published by the National Payments Council of India. The decline reported in June is inconsequential, given that there were only 3883 transactions, and mostly person-to-person payments are taking place; the pilot for merchant transactions only began last month.

Only A Few Banks Actively Signing Customers

While 23 banks have so far signed up for IMPS, 10 of them are still in soft launch and, it appears, most haven’t issued significant MMIDs yet. Between them, Axis Bank (37.28%), ICICI Bank (26.92%), State Bank of India (14.19%) and Union Bank of India (13.61%) account for 92% of the total MMIDs issued.

However, given that 21 banks are on board (some of them might become more aggressive with the rollout in time), and that the transaction fee is fairly small, IMPS can surpass other mobile payment methods. It still needs to be implemented and marketed well, merchant tie-ups are inked aggressively, and if banks act as facilitators not inhibitors.

IMPS To Pilot Merchant Transactions; Should Not Increase Rates
Why Are Banks Not Promoting The IMPS Money Transfer Service?

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.


When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.


The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.


In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...


By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ