The transactions numbers of June and
July 2015 is yet to be updated on the NPCI website. However, if past numbers
are considered, the volumes are expected to show a sharp increase.
The following are some disruptive
strategies which can boost transactions volumes of IMPS.
No, the upper limit for individual transactions
need not be increased. The primary key is to expand the foot print of the IMPS
ecosystem.
On one hand Government is committed to
eTransactions. At the same times, its flagship scheme i. e LPG Subsidy credit
to bank accounts encourages cash transactions.
Isn’t this a big contradiction? As the
LPG subsidy is always directly credited to bank accounts, the gas consumers are
already familiar with the banking channel.
This target audience does not require
much motivation to migrate to eTransactions.
Government departments channel the
subsidy amounts to the respective beneficiaries, through NPCI.
On an average, NPCI undertakes around
3.5 million transfers through the platform every day, out of which most are LPG
transfers.
Under the Pahal scheme of LPG subsidy,
139.1 million beneficiaries have received Rs.23,476.60 crore in their bank
accounts since the scheme was relaunched. This translates the same amount of
cash pushed into the economy.
As the LPG cylinder amount is below
INR1000/-, banks end up large numbers of small denomination notes. The overall
processing time of these large volumes is huge, both at the banks end as well
the LPG dealers end.
This pool of beneficiaries is a low-picking
fruit to be pushed towards eTransactions.
Introduce ‘IMPS Card’:
a)
An exclusive
physical card
b)
Credits
and debits through IMPS channel
c)
Debit
upper limit of INR2000/-
d)
Contactless
e)
No
Pin. Only swipe and pay
f)
Linkages
to bank accounts
g)
Linkages
to eWallets
h)
Centralised
clearing house to reduce transaction costs
i)
Centralised
fraud monitoring system for robust monitoring mechanism
j)
No
cash withdrawals
k)
Merchants
can run common incentive programs
l)
Merchants
can run exclusive incentive/referral programs
Based on feedback, will elaborate further
