wordpress blog stats
Connect with us

Hi, what are you looking for?

, , , ,

IMPS Data: 56.84M Mobile Money IDs, Rs 1,394.88 Crore Transacted In January 2014

The Immediate Payment Service saw a significant 10.86% growth in the total transactions taking place between December and January 2014, although there was only a 1.94 % 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 39.29% in the previous month while the total number of MMIDs had grown by 2.65%.

The transaction volumes also saw only a significant 10.86% growth on a monthly basis to 2.1 million (2,153,883) from 1.94 million (1,942,923) while the amount transacted increased by 12.93% to Rs 1,394.88 crore. The average transaction amount however increased by 1.87% on a monthly basis to Rs 6,476.15.

Month-wise details:

IMPS Mobile Money Id Issued

IMPS total transa vs Amt Trans

IMPS Jan 2014

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.

Advertisement. Scroll to continue reading.

As of now, ICICI Bank has issued the maximum numbers of MMIDs which was at 18.97 million, up from 18.94 million reported last month. This was followed by Axis Bank with 8.96 million MMIDs, up from 8.78 million last month and SBI with 6.40 million MMIDs. Indian Bank with 4.49 million MMIDs took the fourth place while Kotak Mahindra Bank with 2.88 million MMIDs was placed fifth.

The contribution of top five banks has marginally declined for the month, but still accounts for 73.4% of the total number of MMIDs which was at 56.84 million by the end of January 2014. 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 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 had introduced a universal USSD code to access the service and extended the service for merchant payments. Besides

Apart from this, few companies like PaytmAtom TechnologiesDish TVIRCTC, SpiceJet, Tikona and others have started adopting IMPS service, although we still feel that partner banks are not promoting IMPS at a level necessary for its growth.

Related:

IMPS Data: 55.76M Mobile Money IDs, Rs 1,235.20 Crore Transacted In December 2013
– IMPS Data: 54.32M Mobile Money IDs, Rs 934.90 Crore Transacted In November 2013
– IMPS Data: 53.75M Mobile Money IDs, Rs 784.72 Crore Transacted In October 2013
– IMPS Data: 53.14M Mobile Money IDs, Rs 597.83 Crore Transacted In September 2013
– 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

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ