India’s Immediate Payment Service (IMPS) saw an increase of 14.3% in the total transactions taking place between February 2019 and March 2019, 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).
IMPS transaction volumes grew on a monthly basis to 190.18 million (190,180,000 transactions) from 166.37 million transactions (166,370,000 transactions), while the amount transacted increased on a month-on-month basis by 18% to Rs 176,288.9 crore – the highest in this month. The average transaction amount grew gradually on a monthly basis to Rs 9,269.6 per transaction.
53 commercial banks have signed up for IMPS.