The Immediate Payment Service (IMPS) saw a 18.8% growth in the total transactions taking place between December 2016 and January 2017, despite only a 2.08% increase in total number of Mobile Money IDs (MMID), according to data published by the National Payments Corporation of India, a company which is owned by Indian banks, and owns and operates payments systems such as UPI and IMPS.
The transaction volumes grew on a monthly basis to 71.89 million (71,893,363 transactions) from 60.53 million transactions (60,532,533 transactions) while the amount transacted increased by 18% on a monthly basis to Rs 54,901.5 crore. The average transaction amount decreased by 0.6% on a monthly basis to Rs 7,636.5 .
Currently, 53 commercial banks are signed up for IMPS.
– Rs 46,524.9 Cr transacted in December 2016 using 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