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April 2012: 34.54M IMPS Mobile Money IDs; 24,922 Transactions

The Interbank Mobile Payment Service saw a negative growth of 17.30% in the total transactions taking place, with a 1.98 % increase in total number of Mobile Money IDs (MMID) being issued, according to data published by the National Payments Council of India. The transaction volumes not grew from 30,137 to 24,922, though amount transacted was lower by 11.08 % at Rs 9.98 crore, and the average transaction amount increased this time by 7.53% to 4005.54. Monthwise details:

41 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, ICICI Bank issued the maximum numbers of MMIDs at 162.5 lakh followed by AxisBank with 64.31 lakh, SBI Bank with 37.5 lakh MMIDs and Kotak Mahindra Bank with 16.9 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.

Related:

March 2012: 33.87M IMPS Mobile Money IDs; 30,137 Transactions
– February 2012: 33.53M IMPS Mobile Money IDs; 22,997 Transactions
– January 2012: 18.33M IMPS Mobile Money IDs; 19,101 Transactions

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