IMPS processed 336 million transactions worth Rs 6.42 lakh crore in February 2026, according to NPCI data. Daily volumes averaged 12 million transactions, down from approximately 15.5 million per day at the system's peak in mid-2024. The 22 percent decline in daily throughput over roughly 18 months tracks the migration of retail instant payments to UPI.
The monthly trajectory is consistent. IMPS transactions peaked near 480 million in mid-2024, fell to 380 million in December 2025, dropped to 374 million in January 2026, and reached 336 million in February. Adjusting for February's 28-day month, the daily average held at 12 million, but the downward trend from 15.5 million per day at peak is clear across every measurement period.
UPI now handles more than 60 times IMPS's daily transaction volume. In February 2026, UPI processed 20.39 billion transactions with a daily average of 728 million, compared to IMPS's 12 million. Both systems are operated by NPCI and offer real-time 24/7 settlement, but UPI's zero-cost model for all transaction amounts gives it a decisive retail advantage. On March 2, 2026, UPI crossed 800 million transactions in a single day for the first time.
SBI reinforced the pricing gap on February 15, 2026 by introducing tiered IMPS charges for online transactions. Transfers above Rs 25,000 now incur fees of Rs 2 to Rs 10 plus GST, while UPI transfers of any amount remain free. India's largest bank effectively signaled that IMPS is no longer its preferred retail instant payment channel.
Transaction values provide a counterpoint. IMPS moved Rs 6.42 lakh crore in February, Rs 6.73 lakh crore in January, and Rs 6.62 lakh crore in December 2025. While volumes declined, value throughput remained stable. The implied average ticket size of approximately Rs 19,000, compared to UPI's Rs 1,293, indicates IMPS is gravitating toward higher-value bank-to-bank transfers rather than retail person-to-person payments.
IMPS retains 969 participating members including banks and prepaid payment instrument providers as of March 2026. Institutional connectivity continues to expand even as retail volumes contract, suggesting banks maintain IMPS for specific operational channels, treasury operations, and as a fallback rail when UPI experiences outages, an increasingly relevant consideration given four separate UPI disruptions during March 2026.
The consolidation pattern extends to other channels. RuPay debit card transactions fell from 1.2 billion in CY2023 to 664 million through November 2025 as UPI's QR-based merchant payments displaced card acceptance at point of sale. India's retail payment infrastructure is converging on a single leading rail, with IMPS, debit cards, and prepaid instruments ceding volume to UPI month by month.
NPCI has not announced plans to merge or retire IMPS. The system continues to operate with dedicated settlement processing through the RBI. Daily volumes are approaching levels last seen in 2021, before UPI's exponential growth phase. For the 969 IMPS member institutions, the system's future increasingly lies in serving higher-value interbank transfers, a niche where its Rs 19,000 average ticket size and bank-focused membership base remain relevant.