Tuesday, August 4, 2015

The growth and growth of India’s NPCI’s IMPS (Immediate Payment Service)

          5 years back the first baby steps were taken by NPCI’S IMPS to introduce a new Instant payment channel to Indians.

          The new instant payment channel was christened as IMPS (Immediate Payment Service)

The highlights over the last 5 years are as under:
Sr No
SBI, ICICI Bank, Bank of India and UNPCI’s IMPS on Bank of India were the first set of participants in the pilot run

June 10
IMPS opened to the public by Smt.Shyamala Gopinath, Deputy Governor, RBI         with customers of with seven banks - Axis Bank, Bank of India, HDFC Bank,ICICI Bank,State Bank of India, UNPCI’s IMPS on Bank of India and Yes Bank able to experience the joy of the new Payment Channel
Nov 10
Dombivli Nagari Sahakari Bank joins IMPS. This is the first cooperative bank to join IMPS
April 11
IMPS-Merchant Payment Service launched. Kotak Mahindra Bank and UNPCI’s IMPS on Bank of India were the first pioneers in IMPS_MPS
Dec 11
IMPS through ATM channel launched with Canara Bank and UNPCI’s IMPS on Bank of India taking the first steps in this path.
Feb 12
A new channel introduced for IMPS transfers i.e through Account Number and IFS Code.
Till July 12, RTGS and NEFT were the sole payments channels which relied on Account Number and IFS Code
July 12
PPI Issuers understand the benefits of NPCI’S IMPS  and express interest to join the NPCI’S IMPS  channel.  Oxigen Services (India) Pvt Ltd as a RBI authorized Prepaid Payments Instrument Issuer (PPI) takes the lead. 
Apr 13
The scope of "Aadhaar – IMPS” was showcased to the entire nation through a National Conference, inaugurated by Shri Nandan Nilekani, Chairman UIDAI
Aug 13
Century scored with 8 Banks and one PPI joining  the NPCI’S IMPS  ecosystem in June 15
June 15