The Immediate Payment Service (IMPS) saw a 33% increase in the total transactions taking place between August and September 2017. There was a slight increase in the total number of Mobile Money IDs (MMID), according to data published by the National Payments Corporation of India, which owns and operates IMPS. The NPCI is the bank-owned organization that also runs the Unified Payments Interface (UPI). The IMPS transaction volumes grew on a monthly basis to 108 million ( 108,003,267 transactions) from 81.1 million transactions (81,101,048 transactions) while the amount transacted increased 48% on a monthly basis to Rs 1,01,621 crore- since the highest in May 2017. The average transaction amount increased by 11% on a monthly basis to Rs 9,409. Month-wise details Bank Status 59 commercial banks have signed up for IMPS.
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Views: Response to NPCI CEO’s comments that what is not written in regulations is a no-go for fintech entities
NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...
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