Online payment gateway CCAvenue has enabled the Immediate Mobile Payment Service (IMPS) for merchant payments which allows users to make real-time inter-bank payments via mobile phones. To use their IMPS service, users have to click on the IMPS as the payment option on the site or mobile site, enter their Mobile Money ID number (MMID), mobile number and the One Time Password (OTP) given to them by their bank. Users are required to apply to their bank to obtain their MMID.
Earlier this week, mobile -focused e-commerce platform Paytm introduced IMPS on its platform, through which users will be able to use their mobile wallets to transfer money into bank accounts.
The transaction volumes on IMPS grew on a monthly basis to 10.2 million transaction (10,296,788 transactions) from 9.5 million transactions (9,502,423 transactions) in January while the amount transacted increased by 15.68% on a monthly basis to Rs 7337.47 crore. The average transaction amount increased by 6.76% on a monthly basis to Rs 7,125.98.
Currently, 50 banks are signed up for IMPS. As of now, ICICI Bank has issued the maximum numbers of MMIDs which was at 25.78 million, followed by Axis Bank with 11.55 million, State Bank Of India with 6.44 million MMIDs, Indian Bank with 4.5 million and Kotak Mahindra Bank with 3.77 million MMIDs. What’s worth noting that these numbers hasremained unchanged on a monthly basis.
CCAvenue in the news
Earlier in January, CCAvenue had launched a multi-lingual checkout/payment page for websites and apps. The Indian languages offered by the gateway include Hindi, Marathi, Gujarati, Tamil, Telugu, Kannada and Punjabi. The gateway also supports various international languages like Arabic, Chinese, French, Deutsch, Italian, Portuguese, Japanese and Spanish, other than English.
In November, CCAvenue and UAE-based financial institution Mashreq partnered to launch an e-commerce and m-commerce payment solution in UAE. For smaller businesses and individuals the payment solution will offer easy integration and better customizations, while for larger enterprises the platform will provide automated electronic invoicing through SMS and email, multiple currency processing, marketing tools and social media in-stream payments (S.N.I.P) among other features.
Previously, CCAvenue had re-launched as an e-commerce suite, with features like a DIY webstore, analytics solution, reputation monitoring, website uptime, facebook and twitter management, facebook apps, dynamic routing and billing in 27 currencies in India, in January this year. The company had then moved its existing customers to the new platform.
In 2013, the company launched an in-stream payment collection service for social networking websites called Social Networks In-stream Payments (SNIP). This service enables consumers to buy products through social networking sites.