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IMPS Reports 34.94M Mobile Money IDs, 43 Banks; Just 31,553 Transactions In May 2012

The Interbank Mobile Payment Service saw a growth of 26.61% in the total transactions taking place, with a 1.17 % 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 grew from 24,922 to 31,553, and the amount transacted increased by 10.63 % at Rs 11.04 crore, and the average transaction amount declined by 12.62% to 3500.05. Monthwise details:

Banks Status

43 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 163.5 lakh followed by AxisBank with 66.43 lakh, SBI Bank with 39.1 lakh MMIDs, Oriental Bank of Commerce with 17.1 lakh and Kotak Mahindra Bank with 1.69 million MMIDs. This means that the top 6 banks out of 43 account for as many as 87% of the total number of MMIDs. While it is expected that the more the MMIDs, the more the likelihood that P2P transactions will take place, the figures have been dismal so far.

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:

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