The Immediate Payment Service saw a 9.57% growth in the total transactions taking place between January and February 2014, although there was only a 2.3% 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 increased by 10.86% in the previous month while the total number of MMIDs had increased by 1.94%.
The transaction volumes also saw a similar 9.57% monthly growth to 2.3 million (2,360,074) from 2.1 million (2,153,883) while the amount transacted increased by 9.77% on a monthly basis to Rs 1,531.16 crore. The average transaction amount increased by only 0.18% on a monthly basis to Rs 6,487.80.
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 19.53 million, up from 18.97 million reported last month. This was followed by Axis Bank with 9.12 million MMIDs, up from 8.96 million last month and State Bank Of India with 6.41 million MMIDs. Indian Bank with 4.49 million MMIDs took the fourth place while Kotak Mahindra Bank with 2.95 million MMIDs was placed fifth.
The contribution of top five banks has marginally declined for the month, but still accounts for 73.1% of the total number of MMIDs which was at 58.15 million by the end of February 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 Paytm, Atom Technologies, Dish TV, IRCTC, SpiceJet, Tikona and others have started adopting IMPS service, although its worth noting that partner banks are still not promoting IMPS at a level necessary for its growth.
– IMPS Data: 56.84M Mobile Money IDs, Rs 1,394.88 Crore Transacted In January 2014
– 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