IMPS processed 362 million transactions in April 2026. The total value reached Rs 7.01 lakh crore. Volume grew 13 percent year-on-year. The average IMPS transaction was Rs 19,365, compared to Rs 1,299 for UPI. This 15-fold gap in ticket size defines the operating boundary between India's two NPCI-operated instant payment rails.
IMPS counts 969 participating institutions including banks and prepaid payment instrument issuers as of March 2026. The standard IMPS per-transaction ceiling stands at Rs 5 lakh, five times UPI's Rs 1 lakh P2P cap. For instant transfers between Rs 1 lakh and Rs 5 lakh, IMPS remains the primary channel.
IMPS handles less than 2 percent of UPI's April 2026 transaction count. It carries 24 percent of UPI's total value. UPI's P2P limit has held at Rs 1 lakh since its 2016 launch. In April 2025, the RBI asked NPCI to consult stakeholders on raising merchant payment limits with appropriate safeguards. Until those ceilings move, IMPS will continue to absorb the higher-value instant payment demand that UPI's standard tier does not serve.