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IMPS Data: 53.75M Mobile Money IDs, Rs 784.72 Crore Transacted In October 2013

The Interbank Mobile Payment Service saw a growth of 19.01% in the total transactions taking place between September and October 2013, although there was only a 1.14 % 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 1.3 million (1,310,790) from 1.1 million (1,101,421) and the amount transacted increased by 31.26% to Rs 784.72 crore. The average transaction amount also increased by 10.29% to Rs 5,986.63. Month-wise details: Banks Status 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 18.26 million, followed by Axis Bank with 8.52 million, SBI with 6.4 million MMIDs, Indian Bank with 4.5 million MMIDs and Kotak Mahindra Bank with 2.58 million MMIDs. This indicates that the top five banks account for 75.23% of the total number of MMIDs which currently stands at 53.75 million. While it is expected that the more the MMIDs, the more the likelihood that P2P transactions will take place, we feel the figures are still dismal. Earlier in the month, NPCI had partnered with UIDAI to launch Aadhaar based remittance service, which enables money transfer from one Aadhaar number to another number or to bank accounts and vice versa. Last year, it…

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