India’s Immediate Payment Service (IMPS) saw an increase of 5.7% in the total transactions taking place between July 2019 and August 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 increased on a monthly basis to 200.14 million (200,140,000 transactions) from 189.3 million transactions (189,280,000 transactions), while the amount transacted grew on a month-on-month basis by 4% to Rs 188,886.2 crore – the highest in this month. The average transaction amount has decreased gradually on a monthly basis to Rs 9,437 per transaction.
Bank Status: 56 commercial banks have signed up for IMPS.