The Immediate Payment Service (IMPS) saw a 50.1% increase in the total transactions taking place between November and December 2016. There was a 2.89% 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 grew on a monthly basis to 60.53 million (60,532,533 transactions) from 40.34 million transactions (40,340,732 transactions) while the amount transacted increased 31.1% on a monthly basis to Rs 46,524.9 crore. The average transaction amount declined by 12.7% on a monthly basis to Rs 7,685.9.
53 commercial banks have signed up for IMPS.
– Rs 35,500.7 Cr transacted in November 2016 using 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