The Interbank Mobile Payment Service saw a growth of 30.08% in the total transactions taking place between August and September 2013, although there was only a 0.82 % 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 1,101421 from 846,757, and the amount transacted increased by 18.10% to Rs 597.83 crore. The average transaction amount decreased by 9.20% to Rs 5,427.85.
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 18.22 million followed by Axis Bank with 8.48 million, SBI with 6.39 million MMIDs, Indian Bank with 4.49 million and Kotak Mahindra Bank with 2.40 million MMIDs. This means that the top five banks of 59 banks account for 75.23% of the total number of MMIDs which currently stands at 53.14 million. 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: 52.71M Mobile Money IDs, Just 846,757 Txns In August 2013
– 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