The number of payments made via Immediate Payment Service (IMPS) plummeted by 43.5% between March and April 2020, according to data published by the National Payments Corporation of India, which owns and operates IMPS. IMPS transactions and the amount transacted had been on the increase since July 2019. IMPS transaction volumes decreased to 122.5 million in March from 216.8 million transactions the previous month. Amount transacted fell by 40% to Rs 121,140 crore and the average transaction amount increased by 7% to Rs 9,891 per transaction.
56 commercial banks have signed up for IMPS.
Month-wise details for IMPS: