India’s Immediate Payment Service (IMPS) saw an increase of 2% in the total transactions taking place between August 2019 and September 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 204.2 million (204,160,000 transactions) from 200.3 million transactions (200,310,000 transactions), while the amount transacted declined on a month-on-month basis by 2.7% to Rs 183,746.97 crore – the highest was in August 2019. The average transaction amount has decreased by 4.6% on a monthly basis to Rs 9,000 per transaction.
Bank Status: 56 commercial banks have signed up for IMPS.