The Immediate Payment Service saw a significant 39.29% growth in the total transactions taking place between November and December 2013, although there was only a 2.65 % 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 6.41% in the previous month while the total number of MMIDs had grown by 1.06%. The transaction volumes also saw only a significant 39.57% growth on a monthly basis to 1.94 million (1,942,923) from 1.39 million (1,394,850) while the amount transacted increased by 32.12% to Rs 1,235.20 crore. The average transaction amount however declined by 5.15% on a monthly basis to Rs 6,357.46. 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 which was at 18.94 million, up from 18.25 million reported last month. This was followed by Axis Bank with 8.78 million MMIDs up from 8.63 million last month and SBI with 6.40 million MMIDs, a minor growth from 6.39 million MMIDs last month. Indian Bank with 4.49 million MMIDs took the fourth place while Kotak Mahindra Bank with 2.79 million MMIDs was placed fifth. Its worth noting that the top five banks account for 75.23% of the total number of MMIDs which currently…
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