The Immediate Payment Service (IMPS) saw an increase of only 1.6% in the total transactions taking place between December 2017 and January 2018, 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 99.59 million (99,591,901 transactions) from 98.1 million transactions (98,006,169 transactions), while the amount transacted increased marginally on a month-on-month basis to Rs 88,214 crore – since the highest in May 2017. The average transaction amount went down on a monthly basis to Rs 8,857 per transaction.
59 commercial banks have signed up for IMPS.