The Immediate Payment Service (IMPS) saw a substantial increase of 6.45% in the total transactions taking place between April and May 2018, according to data published by the National Payments Corporation of India, which owns and operates IMPS. The NPCI is the bank-owned private organization that also runs the Unified Payments Interface (UPI).
The IMPS transaction volumes grew on a monthly basis to 116.6 million (116,620,000 transactions) from 109.5 million transactions (109,550,000 transactions), while the amount transacted increased on a month-on-month basis to Rs 108,575 crore – since the highest in this month. The average transaction amount declined marginally on a monthly basis to Rs 9,310 per transaction.
59 commercial banks have signed up for IMPS.