We don’t have post-demonetization data yet, but the Immediate Payment Service (IMPS) saw a 18.8% growth in the total transactions taking place between September and October 2016. There was a 1.74% increase in total number of Mobile Money IDs (MMID), according to data published by the National Payments Corporation of India. The NPCI is also the bank-led organization that runs the Unified Payments Interface (UPI), which doesn’t allow wallets.
Note: Download our digital payments report here. There’s more data there, but up to August 2016.
The IMPS transaction volumes grew on a monthly basis to 47.33 million (47,332,046 transactions) from 39.84 million transactions (39,841,934 transactions) while the amount transacted increased 18.56% on a monthly basis to Rs 37,838.9 crore. The average transaction amount decreased by 0.2% on a monthly basis to Rs 7,994.
53 commercial banks have signed up for IMPS.
– Rs 31,916 Cr transacted in September 2016 using IMPS
– Rs 29,657 Cr transacted using IMPS in August 2016
– Rs 26,662 Cr transacted using IMPS in July 2016
– Rs 25,852 Cr transacted using IMPS in June 2016