The Immediate Payment Service (IMPS) saw a 14.8% decrease in the total transactions taking place between October and November 2016. There was a 7.78% 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.
The IMPS transaction volumes declined on a monthly basis to 40.34 million (40,340,732 transactions) from 47.3 million transactions (47,332,046 transactions) while the amount transacted decreased 6.2% on a monthly basis to Rs 35,500.7 crore. The average transaction amount grew by 10% on a monthly basis to Rs 8,800.
53 commercial banks have signed up for IMPS.
– Rs 37,839 Cr transacted in October 2016 using 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