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Mobile Payments

India: Interbank Mobile Payment Service witnesses growth

Wednesday 26 November 2014 | 01:24 PM CET

Interbank Mobile Payment Service (IMPS) is gaining popularity in India, online media outlet letstalkpayments.com reports.

According to the source, most of the major banks are extending this service to account holders to access accounts and transfer funds using mobile phones. Moreover, 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.

IMPS can be used for both customer to customer transfers and merchant transfers through a seven digit number which is actually the MMID and also a mobile banking personal identification number (MPIN). A mobile payment transfer is facilitated when the transferor has fed in the receiver’s mobile number, MMID and the value to be to be transferred along with the MPIN details. Post transfer, an SMS confirms the transaction. The daily limit for such transactions is set at INR 50,000 (approximately USD 808).

The source adds that IMPS is committed to reach the 10 million transactions per month mark by January 2015. IMPS has evolved as a multi-channel, multi-dimensional remittance platform capable of processing P2P and P2M (person-to-merchant) remittance/payments initiated from mobile, internet, ATM as well as branch channels.

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