As on Date 59 banks are live on the IMPS platform. The active channels are Mobile/Internet/ATM. The volumes are slowly growing, but are not equal to the efforts put in by all the Participants i.e NPCI, Banks.
One positive sign is that in the last few months there has been a huge jump in the number of transactions. IMPS is possible for intra-bank transactions too. As the awareness levels increase, the volumes will keep on increasing.
The National Conference on “Aadhaar – IMPS Ecosystem Creation”, is another step to raise the awareness levels of IMPS.
The most important advantage of IMPS is the 24*7, 365 days instant credit to the beneficiary account. No other ePayment Channel in India offers this facility.
In fact, very few ePayment Channels world-wide offer this the 24*7, 365 days instant credit facility. Another noteworthy aspect is that the funds are debited/credited from Bank Accounts only. This is important from regulatory angle, as an electronic trail is created, which can be verified later, if required.
What will be the future?
Credit to Aadhaar Number → Routed through IMPS Channel to the beneficiary account
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- UIDAI issues more than 40 crore Aadhaar numbers till date (news.in.msn.com)