Online Payments & Money Transfer

Mobile Money User Base in India crosses 10 million mark

The number of bank customers registered for Interbank Mobile Payment Service (IMPS) has crossed 10 million mark. Though the number is very small considering the large base of 350 million account holders with banks, the trend is encouraging. So far, twenty major banks have joined this service and testing and certification is in progress for nearly 15 banks

Interbank Mobile Payment Service IMPS

Interbank Mobile Payment Service (IMPS)

IMPS operate on a 24*7 basis and money transfer is instantaneous. A bank customer needs to register as a mobile banking customer to avail of the benefit as a Beneficiary. On registration the bank provides MMID to the customer. As on 30th May 2011, these twenty banks have issued more than 10 Million MMIDs to the registered customers. The number will go up as banks start their publicity campaign and more and more banks join the IMPS system. . NPCI is hopeful that given the utility of the new payment service, usage of IMPS would gain momentum in the coming months. This would occupy a place along side RTGS and NEFT.

MMID is a 7-digit number and in combination with the mobile number, it would uniquely point to a account number in a bank. A person having multiple bank accounts would have multiple MMIDs tagged with the same mobile number. Based on the purpose, customers with multiple accounts can share his/her MMID with the remitter. After every successful transaction using the mobile number and MMID, the remitter and the beneficiary, receive confirmation SMS from their respective banks.

Till now IMPS service is limited to person to person payments. Reserve Bank of India has now permitted merchant payments also to be routed through this channel. Utility Bill payment, payments at shop floor, payment of various type of fess to various agencies, donation payments etc can now be made through this channel. RBI has also permitted transactions initiated through ATM and internet channel to be routed through IMPS platform.

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