The Interbank Mobile Payment Service saw a growth of 20.77% in the total transactions taking place between July and August 2013, although there was only a 0.98 % increase in total number of Mobile Money IDs (MMID) issued, according to data published by the National Payments Council of India. The transaction volumes increased substantially month on month to 8.46 lakh (8,46,757) from 7.01 lakh (7,01,110), and the amount transacted increased by 24.08% to Rs 506.19 crore. The average transaction amount increased by 2.74% to Rs 5,978.03.
59 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.
Among banks, ICICI Bank has issued the maximum numbers of MMIDs at 181.43 lakh followed by Axis Bank with 86.35 lakh, SBI Bank with 63.73 lakh MMIDs, Indian Bank with 44.95 lakh and Kotak Mahindra Bank with 24.04 lakh MMIDs. This means that the top five banks of 59 banks account for 76% of the total number of MMIDs which currently stands at 527.15 lakhs. While it is expected that the more the MMIDs, the more the likelihood that P2P transactions will take place, the figures are still dismal.
While the NPCI is taking steps to promote the service, including the introduction of a universal USSD code to access the service and extending the service for merchant payments and companies like Paytm, Atom Technologies, Dish TV, IRCTC, SpiceJet, Tikona and others are slowly adopting the service, its worth noting that partner Banks are still not promoting IMPS at a level necessary for its growth.
– IMPS Data: 52.20M Mobile Money IDs, Just 701,110 Txns In July 2013
– IMPS Data: 50.74M Mobile Money IDs, Just 407,685 Txns In May 2013
– IMPS Data: 49.90M Mobile Money IDs, Just 343,532 Txns In April 2013
– IMPS Data: 49.21M Mobile Money IDs, Just 358038 Txns In March 2013
– IMPS Data: 45.39M Mobile Money IDs, Just 148984 Txns In Dec 2012
– IMPS Data: 44.49M Mobile Money IDs, Just 86,884 Txns In Nov 2012
– IMPS Reports 35.51M Mobile Money IDs, 44 Banks; Just 34,084 Transactions In June 2012
– IMPS Reports 34.94M Mobile Money IDs, 43 Banks; Just 31,553 Transactions In May 2012
– 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