In November 2010, the National Payments Corporation of India had launched the Interbank Mobile Payment Service (IMPS). IMPS is an instant, 24 x 7, inter-bank electronic fund transfer service which is available 365 days of the year. The below video gives a demonstration about how an individual can receive and send money through his mobile phone.
Also read World Bank’s comments on IMPS – The Value of Connected Savings
Kotak Mahindra Bank last week asked customers to sign up and other commercial banks are also expected to announce campaigns to create awareness about this newly launched payment system.
After the launch of this service, customers will now be able to use their mobile handsets to access their bank accounts and remit funds or make payments at retail stores and other commercial establishments. One of the main advantages of this new systes is it’s inter-operability, across different banks, telephone companies, and from virtually any handsets.