IMPS crosses 100 million mark

By: |
Mumbai | Published: May 12, 2018 2:33:10 AM

While the growth seen by the Unified Payments Interface (UPI) channel was several times higher — transaction volumes jumped 30 times between March 2017 and March 2018 — IMPS has been in existence for longer than UPI.

IMPS, Immediate Payment System, 100 million mark, RBI, UPITransactions made using the Immediate Payment System (IMPS) crossed the 100-million mark in March to clock a total volume of 110.15 million transactions worth Rs 1.04 lakh crore, data released by the Reserve Bank of India (RBI) showed. (Reuters)

Transactions made using the Immediate Payment System (IMPS) crossed the 100-million mark in March to clock a total volume of 110.15 million transactions worth Rs 1.04 lakh crore, data released by the Reserve Bank of India (RBI) showed. According to data available on the National Payments Corporation of India (NPCI) website, the payment mode retained its momentum in April as well, recording 109.55 million transactions worth Rs 1.02 lakh crore during the month. Among all the modes of retail digital payments that got a push from demonetisation, IMPS seems to have succeeded the most in keeping up the momentum. For the last few months, it has seen volumes surging over 80% on a year-on-year (y-o-y) basis.

While the growth seen by the Unified Payments Interface (UPI) channel was several times higher — transaction volumes jumped 30 times between March 2017 and March 2018 — IMPS has been in existence for longer than UPI.
Interestingly, though UPI has overtaken IMPS in terms of volumes and now sees monthly numbers of the order of 150-170 million, IMPS continues lead in value terms. The monthly value of UPI transactions has been in the range of Rs 10,000-30,000 crore since December. One of the reasons for this is the Rs 20,000 per-transaction limit on UPI transactions, which automatically makes IMPS the default option for larger-ticket transactions.

Mobile wallets bore the brunt of the new KYC requirement, with volumes dipping 12.6% y-o-y to 268.79 million in March. The value of transactions, however, rose 38% to Rs 10,097 crore. The volume of credit and debit card transactions at point-of-sale (PoS) machines rose 18% y-o-y to 446.19 million, while the value of transactions rose 26% to Rs 86,165 crore. The volume of National Electronic Fund Transfer (NEFT) transactions rose 13.6% y-o-y to 212 million in March, while the value of transactions rose 38% to Rs 22.54 lakh crore between March 2017 and March 2018.

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