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. Month-wise details: Bank Status 53 commercial banks have signed up for IMPS. Related – 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
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