India’s Immediate Payment Service (IMPS) saw a decrease of 6.5% in the total transactions taking place between May 2019 and June 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 171.3 million (171,330,000 transactions) from 183.3 million transactions (183,330,000 transactions), while the amount transacted decreased on a month-on-month basis by 4.1% to Rs 173,019.3 crore – the highest in the previous month. The average transaction amount has increased gradually on a monthly basis to Rs 10,098 per transaction.
Bank Status: 56 commercial banks have signed up for IMPS.