The Immediate Payment Service saw a growth of 6.41% in the total transactions taking place between October and November 2013, although there was only a 1.06 % increase in total number of Mobile Money IDs (MMID) issued, according to data published by the National Payments Council of India . In comparison, total transactions had grown by 19.01% in the previous month while the total number of MMIDs had grown by 1.14%. The transaction volumes also saw only a minor growth month on month to 1.39 million (1,394,850) from 1.31 million (1,310,790) while the amount transacted increased by 19.14% to Rs 934.90 crore. The average transaction amount increased by 11.96% on a monthly basis to Rs 6,702.55. Month-wise details: Banks Status 59 banks have so far signed up for IMPS, with seven 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. As of now, ICICI Bank has issued the maximum numbers of MMIDs at 18.25 million, followed by Axis Bank with 8.63 million, SBI with 6.39 million MMIDs, Indian Bank with 4.49 million MMIDs and Kotak Mahindra Bank with 2.71 million MMIDs. This indicates that the top five banks account for 75.23% of the total number of MMIDs which currently stands at 54.32 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. In October 2013, NPCI had partnered with…
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