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Chart Of The Day: Interbank Mobile Payment Service

The Interbank Mobile Payment Service transactions have picked up since the launch of the service over a year ago. It’s worth noticing that most of the transactions have been inter-bank payments (between banks) rather than intra-bank (between accounts in the same bank). With more banks signing up, and merchant transactions being enabled, the platform is ready for growth. This, however, will depend on banks making a strong push for consumer awareness, and consumer adoption (which can be slow).

Data Source: National Payments Council of India

On a small base of just 6014 transactions, IMPS reported a growth of 48.04% in the total transactions during July 2011. According to National Payments Council of India, 10 of 23 banks are in soft-launch mode: Corporation Bank, Oriental Bank of Commerce, Karur Vysya Bank, IDBI Bank, Indian Overseas Bank, Punjab National Bank, South Indian Bank, UCO Bank, Vijaya Bank and Andhra Bank are in Soft Launch.

Share data sources with us: contact nikhil@medianama.com

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