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NPCI eyes 1 crore monthly IMPS transactions by end of fiscal

Press Trust of India  |  Mumbai 

NPCI is targeting to achieve one crore transactions on a monthly basis through its real-time payment channel Immediate Payment Service (IMPS) by the close of the current financial year.

At present, 70 lakh transactions occur each month.

The National Payments Corporation of (NPCI) is hopeful of 10 more banks to join IMPS, which was floated by it four years ago, by the fiscal-end.

Moreover, it has projected to issue 6 crore fresh RuPay cards by the end of the financial year. IMPS enables funds transfer from one account to another via mobile, ATM, internet channel.

Started with just eight banks only on mobile channel, it has now become a critical mobile payment platform in the country with 71 banks, 5 telecom wallet companies and 3 non-bank wallet companies as members.

Some of the telcos that have already joined the IMPS platform include Vodafone (M-Pesa), AirTel (Airtel Money) and Tata (MRupee). Besides, Idea, Aircel and Jio are the three other telcos that are likely to join the IMPS shortly.

OxiCash, ItzCash and GI Cash are the other three non-telco and non-bank units that are already operational on the IMPS platform.

"A total of 70 lakh transactions have taken place through IMPS in the month of October alone and now we are targeting to make it to one crore transactions per month by the end of the current fiscal. Again, 71 banks are already on board and we are eyeing 10 more banks to join the platform by 31 March, 2015," NPCI, Managing Director and Chief Executive Officer, A P Hota told PTI.

In fact we are hopeful of 200 banks to be on board when compared to the currently existing mark of 71 within next one year, he said, adding, "We also plan to double RuPay card base by the issuance of 6 crore fresh RuPay cards by the fiscal-end from the currently existing mark of 6 crore.

NPCI is the umbrella organisation for all retail payment systems in India, set up with the support and guidance from the Reserve Bank and the Indian Banks Association.

First Published: Fri, November 21 2014. 20:36 IST