The Interbank Mobile Payment Service saw a growth of 22.95% in the total transactions taking place, with a 4.59% increase in total number of Mobile Money IDs (MMID) being issued, according to data published by the National Payments Council of India. The growth in transaction volumes, from 9989 to 12,281 is a welcome change, but clearly, this isn’t enough. Details:
Things might change once merchant transactions are enabled (at present only P2P payments are allowed), but there is no guarantee of that; the pilot for merchant transactions began in June.
28 banks have so far signed up for IMPS, the IMPS page now has customercare numbers, to enable people to get MMIDs. The more the MMIDs, the more the likelihood that P2P transactions will take place, and maybe, there will be more transactions than there are MMIDs.
We wonder what the tipping point for IMPS based mobile money transactions will be. What do you think?
– Poor Transaction Volumes Despite 14.31M IMPS Mobile Money IDs Issued In India
– July 2011: 11.70M IMPS Mobile Money IDs
– June 2011: 11.38M IMPS Mobile Money IDs; Transactions Decline Marginally
– IMPS To Pilot Merchant Transactions; Should Not Increase Rates
– Why Are Banks Not Promoting The IMPS Money Transfer Service?