India’s Immediate Payment Service (IMPS) saw a decrease of 2.7% in the total transactions taking place between March 2019 and April 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 went down on a monthly basis to 185.04 million (185,040,000 transactions) from 190.18 million transactions (190,180,000 transactions), while the amount transacted decreased on a month-on-month basis by 4% to Rs 169,197 crore – the highest in the previous month. The average transaction amount has declined gradually on a monthly basis to Rs 9,144 per transaction.
56 commercial banks have signed up for IMPS.