A major milestone in India’s
eTransactions journey was crossed in July 2015 with the total number of banks
at 100 on NPCIs IMPS channel.
Yes, as on date 100 banks are part of
this 100% ‘Made In India’, eTransactions mode.
The benefits of IMPS are being enjoyed
by a large populace spread across the nook and corner of our country.
The chief advantage of IMPS is that
transactions can happen around the clock, irrespective of holidays, with nil
dependence on bank staff.
The initial transactions will be a bit
strange, as the funds move at the speed of light at any point of time.
There are number of channels through
which the bank customers can choose to transact through the IMPS mode.
There are a number of products which
can be tailored by Finance Industry participants to enhance the customer
experience.
The technology is robust enough to support
extremely high volumes at all times.
Banks and PPIs are constantly innovating
to expand the user base.
Only a fraction of the target populace
has been touched by IMPS and in the coming years, IMPS will embrace new group
of people into its fold.
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