How it works
In order to be able to carry out money transfers, both receiver and sender must have mobile numbers and hold accounts with their bank. Moreover, both parties will have to register with their bank to secure a seven-digit mobile money transfer identifier number (MMID). With the help of the two numbers, the payer will be able to transfer the amount in the payees account. As soon as the transaction has been completed, both payer and payee will receive confirmations by SMS on their mobile devices.
The NPCI is the umbrella organization for all retail payment systems in India owned and operated by banks. Seven more banks are in the process of activating the service and 22 others are expected to join the network soon.
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