India’s Immediate Payment Service (IMPS) saw a decrease of 0.92% in the total transactions taking place between April 2019 and May 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 183.33 million (183,330,000 transactions) from 185.04 million transactions (185,040,000 transactions), while the amount transacted increased on a month-on-month basis by 6.6% to Rs 180,456 crore – highest in this month. The average transaction amount has raised gradually on a monthly basis to Rs 9,843 per transaction.
56 commercial banks have signed up for IMPS.