Currently majority of interbank mobile fund transfer
transactions are channelised through NEFT mechanism. Under NEFT, the
transactions are processed and settled in batches, hence are not real
time. Also, the transactions can be done only during the working hours
of the RTGS system. In the above context, NPCI
has carried out a pilot on mobile payment system initially with 4
member banks viz State Bank of India, Bank of India, Union Bank of
India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank
have joined this pilot in month of September, October and November 2010
respectively. Immediate Payment Service (IMPS) public launch happened
on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public. IMPS offers an instant,
24X7, interbank electronic fund transfer service through mobile phones.
IMPS facilitate customers to use mobile instruments as a channel for
accessing their bank accounts and put high interbank fund transfers in a
secured manner with immediate confirmation features. This facility is provided by NPCI through its existing NFS switch. The eligible criteria for the Banks who
can participate in IMPS is that the Bank should have approval from
RBI for Mobile Banking Service.
To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds
Making payment simpler just with the mobile number of the beneficiary
To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments
To facilitate mobile payment systems already
introduced in India with the Reserve Bank of India Mobile Payment
Guidelines 2008 to be inter-operable across banks and mobile operators
in a safe and secured manner
To build the foundation for a full range of mobile based Banking services.
The participants for IMPS will be as follows:
Remitter (Sender)
Beneficiary (Receiver)
Banks
National Financial Switch - NPCI
Pre-Requisites for Mobile Banking through IMPS
Registration for Remitter:
Register yourself for mobile banking service with bank
Get Mobile Money Identifier (MMID) and MPIN from the bank
Download Software (Application) for mobile
banking (ensure the compatibility of mobile with the application) or use
the SMS facility in your mobile if your bank provides IMPS on SMS
Registration for Beneficiary:
Link your mobile number to the account in the
respective bank. No need to register for mobile banking service.
Get Mobile Money Identifier (MMID) from the bank
For Remitter (To send money):
Login to the application and select the IMPS
menu from the IMPS or use the SMS facility in your mobile if your bank
provides IMPS on SMS
Get Beneficiary Mobile number and MMID
Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send
Await confirmation SMS for the debit in your account and credit in beneficiary account
Note the transaction reference number for any future query
Share your Mobile number and MMID with the remitter
Ask the remitter to send money using your Mobile number and MMID
Check the confirmation SMS for credit to your account from the remitter
Note the transaction reference number for any future query
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