India’s Immediate Payment Service (IMPS) saw an increase of 19.3% in the total number of transactions between May and June 2020, 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 198.91 million (198,910,000 transactions) in June 2020 from 166.7 million transactions (166,680,000 transactions)in March, while the amount transacted grew on a month-on-month basis by 22.2% to Rs 206,950.8 crore. The average transaction amount has increased by about 2.4% on a monthly basis to Rs 10,404 per transaction.
Bank Status: 57 commercial banks have signed up for IMPS.