At ₹1.82-lakh crore, value of IMPS transactions hits all-time high in July

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.