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Mobile Payments

Seven Indian banks roll out the Inter-bank Mobile Payment Service (IMPS)

Thursday 25 November 2010 | 08:43 AM CET

Seven India-based financial services providers have made available the Inter-bank Mobile Payment Service (IMPS), an application supported by the National Payment Corporation of India (NPCI), designed to enable users to perform account-to-account money in India using their mobile devices.

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 payee's 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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