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The Immediate Payment Service (IMPS) saw a 6.40% growth in the total transactions taking place between August and September 2015, although there was no increase in total number of Mobile Money IDs (MMID), according to data published by the National Payments Corporation of India.
The transaction volumes grew on a monthly basis to 18.9 million transaction (18,981,969 transactions) from 17.8 million transactions (17,839,842 transactions) while the amount transacted increased by 1.47% on a monthly basis to Rs 12663.01 crore. The average transaction amount decreased by 4.63% on a monthly basis to Rs 6,671.07.
Currently, 53 commercial banks are signed up for IMPS. As of now, ICICI Bank has issued the maximum numbers of MMIDs which was at 31.19 million, followed by Axis Bank with 12.75 million, State Bank Of India with 6.45 million MMIDs, Indian Bank with 4.5 million and Kotak Mahindra Bank with 4.01 million MMIDs.
This led to the contribution of top five banks marginally to 69.50% of the total number of MMIDs . 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 its growth.
– Rs 7337 Cr transacted using IMPS in January 2015
– IMPS Data: 70.49M Mobile Money IDs; Rs 5,415 Cr Transacted In November 2014
– IMPS Data: 67.02M Mobile Money IDs; Rs 4,479 Cr Transacted In September 2014
– IMPS Data: 63.23M Mobile Money IDs; Rs 3,677 Cr Transacted In August 2014
– IMPS Data: 62.97M Mobile Money IDs, ICICI Bank with most; Rs 3,196 Cr Transacted In July 2014
– IMPS Data: 59.52M Mobile Money IDs, Rs 2,265.92 Crore Transacted In April 2014
– IMPS Data: 58.15M Mobile Money IDs, Rs 1,531.16 Crore Transacted In February 2014
– 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
*Update: Some typos fixed in the copy