The Interbank Mobile Payment Service saw a growth of 21.21% in the total transactions taking place, with a 8.55% 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 15,759 to 19,101 marks an increase in the growth of transactions month on month. The growth in the average transaction amount was 27.04%. Also, it looks like the NPCI conducted an audit, since the recent volume analytics page has new numbers even for the previous months. However, we have decided to continue with the earlier figures. 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.
34 banks have so far signed up for IMPS with 7 banks including Catholic Syrian Bank , IDBI Bank, Indian Overseas Bank, Andhra Bank, State Bank of Bikaner and Jaipur, Bank of Baroda and Dhanlaxmi Bank in Soft Launch. The IMPS page now has customer care numbers, to enable people to get MMIDs.
Amongst banks, AxisBank has issued the maximum number of MMIDs a 49.44 lakh, followed by ICICI Bank with 30.65 lakh MMIDs and SBI with 25.42 lakh 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, but the figures for this month are again pretty dismal.
The NPCI is taking other steps to promote the service as well, including the introduction of a universal USSD code to access the service. We’d like to reiterate that all partner Banks are still not promoting the IMPS at a level necessary for its growth.
– December 2011: 16.89M IMPS Mobile Money IDs; 15,759 Transactions
– November 2011: 16.04M IMPS Mobile Money IDs; 11,853 Transactions
– October 2011: 15.11M IMPS Mobile Money IDs; 12,511 Transactions
– September 2011: 14.97M IMPS Mobile Money IDs; 12,281 Transactions
– 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?