India’s Immediate Payment Service (IMPS) saw an increase of 12.5% in the total number of transactions between November 2019 and December 2019, according to data published by the National Payments Corporation of India, which owns and operates IMPS. The NPCI is the bank-owned private organisation that also runs the Unified Payments Interface (UPI).
IMPS transaction volumes increased on a monthly basis to 256.5 million (256,470,000 transactions) from 228.1 million transactions (228,080,000 transactions), while the amount transacted grew on a month-on-month basis by 4% to Rs 210,934.23 crore – the highest was reported in October 2019. The average transaction amount has decreased by 8% on a monthly basis to Rs 8,224 per transaction.
Bank Status: 56 commercial banks have signed up for IMPS.