Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
IMPS, with 498 member-banks, hit a record high in July in terms of value. - Getty Images/iStockphoto
Immediate Payment Service, or IMPS, is gaining traction and the number of transactions rose to 19 crores in July even as the transaction value for UPI and the Centre’s flagship digital payment app BHIM continued to decline for the second straight month.
According to data released by the National Payments Corporation of India, IMPS, with 498 member-banks, hit a record high in July in terms of value, too.
As many as 18.92 crore transactions amounting to over ₹1.82-lakh crore were conducted through IMPS in July against 17.13 crore transactions worth over ₹1.73-lakh crore in June. Prior to this, the number of transactions touched a high of 19.01 crore in March but the value was lower at ₹1.76-lakh crore.
With State Bank of India removing charges on IMPS from August 1 for certain customers and transactions, it is expected that other banks will also follow suit, further increasing the usage of IMPS. The service provides real-time instant fund transfer 24X7.
Meanwhile, in the case of UPI and BHIM, while the total number of transactions on the two platforms continued to rise at a steady pace, the value of transactions dipped.
The number of UPI transactions in July touched 82.2 crore as against 75.4 crore in June. However, the value of transactions fell a tad to over ₹1.46 lakh crore from the June level. In May, the value of transactions had touched an all-time high of ₹1.52-lakh crore.
Similarly, the amount or value of transactions conducted through BHIM stood at ₹6,121.67 crore last month compared to ₹6,202.49 crore in June and ₹6,627.42 crore in May.
In terms of absolute numbers, the number of transactions on BHIM stood at 160 lakh in July but accounted for less than two per cent of all transactions through UPI.
There are 143 banks that are live on the UPI and 114 on the BHIM app.
The NPCI data come at a time when the currency in circulation is at an all-time high of over ₹21-lakh crore and even as a large number of rival apps are gaining in popularity for digital payments.
"Banks offer IMPS across all channels including internet and mobile banking and through business correspondents to customers making it easy to access. Also, it is very popular for remittances and corporate payments to customers," said Praveena Rai, COO, NPCI.
For UPI, there have been some fluctuations but the core growth is still strong, she noted
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
The fund delivered a return of 31.5% in 2020 compared with the category’s 15.5%
Care Health Insurance’s new rider offers no great benefit. We review its pros and cons
Ensure that the investment thesis based on which you bought the IPO still holds good
Here are some yardstick for selecting auto component stocks
India is ready with two vaccines to beat the deadliest virus of recent times. The immunisation drive, however, ...
The storming of the Capitol on January 6 could be the prelude to yet another chapter in the US’s long and ...
‘Now It’s Come to Distances’ examines the defining moments of the past year — the Shaheen Bagh protests, ...
Legal and regulatory uncertainties hang like a sword on an industry which earned ₹2,470 crore revenues in the ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor