wordpress blog stats
Connect with us

Hi, what are you looking for?

, , , ,

IMPS Data: 67.02M Mobile Money IDs; Rs 4,479 Cr Transacted In September 2014

The Immediate Payment Service (IMPS) saw a 22.01% growth in the total transactions taking place between August and September 2014, although there was only a 6% increase in total number of Mobile Money IDs (MMID) issued, according to data published by the National Payments Council of India. The transaction volumes grew on a monthly basis to 6.1 million transaction (6,169,981 transactions) from 5 million transactions (5,056,836 transactions) while the amount transacted increased by 21.8% on a monthly basis to Rs 4,479.67 crore. The average transaction amount decreased by 0.18% on a monthly basis to Rs 7,260.43. Month-wise details: Bank Status 64 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 20.41 million, followed by Axis Bank with 9.05 million, State Bank Of India with 6.42 million MMIDs, Indian Bank with 4.49 million and Kotak Mahindra Bank with 3.39 million MMIDs. What's worth noting that these numbers has remained unchanged on a monthly basis. This led to the contribution of top five banks marginally declining to 65.29% of the total number of MMIDs which was at 67.02 million by the end of September 2014. While IMPS has seen some merchant adoption over the past year, we feel partner banks are still not promoting IMPS at a level necessary for…

Please subscribe/login to read the full story.
Written By

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

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

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...

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

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...

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...

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