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Mobile Payments Gain in Market

Interbank Mobile Payment Service (IMPS) is gaining popularity in India. Most of the major banks are extending this service to account holders to access accounts and transfer funds using mobile phones. According to NPCI (National Payments Corporation of India), IMPS witnessed a 22% growth in taking place between August and September 2014. There was also a 6% increase in total number of Mobile Money IDs (MMID) issued during that period. The following illustration shows the growth of IMPS in the past year in terms of transactions made and amount transacted:

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