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…
- Why did the Delhi High Court restrict use of Amitabh Bachchan’s image and voice? November 25, 2022
- Why did an Indian exchange, CoinDCX, publish its Proof of Reserves days after releasing its R2L ratio? November 25, 2022
- DPDP Bill, 2022 Has Received Good Response From Stakeholders: MeitY’s Ashwini Vaishnaw November 25, 2022
- Twitter Blocks Tweet of CJ Werleman’s YouTube Show Discussing Police Violence Against Indian Muslims November 25, 2022
- Unique Identification Authority of India (UIDAI) says verify Aadhaar as ID proof using QR November 25, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
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...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...