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A group of 10 banks through the National Payments Corporation of India (NPCI) has created the “Interbank Mobile Payment Service (IMPS)” as a way to transfer small amounts of money between bank accounts using either SMS or mobile apps. Its new step toward making mobile phones virtual wallets. This service will allow seamless and real-time inter bank fund transfer from one person’s Bank account to another using Mobile Phones.
The technology behind this is known as Mobile Money Identifiers (MMIDs), which are seven-digit security numbers that are issued by the banks to users. In order to transfer money, you need both a mobile phone number and an MMID. The NCPI and the banks involved in the transfer all check these numbers to ensure the security of the transfer.
National Payments Corporation of India (NPCI) commercially launched the “Interbank Mobile Payment Services" as a real-time, 24*7 fund transfer facility in the retail payment sector. IMPS is co-created by NPCI along with its partners, participating banks, their service providers, MPFI and IDRBT. This service has been available with 7 banks viz. State Bank of India (SBI), Bank of India (BOI), Union Bank of India, ICICI Bank, HDFC, AXIS Bank and Yes bank. Seven more banks are in the process of activating the IMPS and 22 others are expected to join the IMPS network soon.
This Mobile remittance service system works via mobile apps or SMS. In case of a low end Mobile Phone, where the Mobile Banking Apps cannot be installed or support, money can be transfered through SMS. Presently, the service will be free for the account holder with banks bearing the cost of just 25 paisa per transaction. In case of SMS based remittance, the account holder will be charged Rs. 2 per SMS, which NPCI is trying to get waived-off by talking to mobile phone operators, an NPCI official said.According to Reserve Bank India (RBI)’s Mobile Banking regulations the maximum amount to be remitted through mobiles at Rs. 50000 a day.
Reserve Bank deputy governor Shyamala Gopinath said, The Interbank Mobile Payment Service — which at present has seven banks including the largest lender SBI on board — had the potential to change the retail payment landscape in India, which boasts of 600 million mobile subscribers and 300m bank accounts
http://www.digitsdiary.blogspot.com This site provides software downloads,mobile downloads,pc downloads,wall papers,all mobile tricks an d tips secret codes,movies,top articles,games,technology,tips and tricks,latest information ...Admin:Dhananjay email:quiany o0ne from tumkur?? etdhanu@gmail.com
National Payments Corporation of India Launched Mobile Payment Services
A group of 10 banks through the National Payments Corporation of India (NPCI) has created the “Interbank Mobile Payment Service (IMPS)” as a way to transfer small amounts of money between bank accounts using either SMS or mobile apps. Its new step toward making mobile phones virtual wallets. This service will allow seamless and real-time inter bank fund transfer from one person’s Bank account to another using Mobile Phones.The technology behind this is known as Mobile Money Identifiers (MMIDs), which are seven-digit security numbers that are issued by the banks to users. In order to transfer money, you need both a mobile phone number and an MMID. The NCPI and the banks involved in the transfer all check these numbers to ensure the security of the transfer.
National Payments Corporation of India (NPCI) commercially launched the “Interbank Mobile Payment Services" as a real-time, 24*7 fund transfer facility in the retail payment sector. IMPS is co-created by NPCI along with its partners, participating banks, their service providers, MPFI and IDRBT. This service has been available with 7 banks viz. State Bank of India (SBI), Bank of India (BOI), Union Bank of India, ICICI Bank, HDFC, AXIS Bank and Yes bank. Seven more banks are in the process of activating the IMPS and 22 others are expected to join the IMPS network soon.
This Mobile remittance service system works via mobile apps or SMS. In case of a low end Mobile Phone, where the Mobile Banking Apps cannot be installed or support, money can be transfered through SMS. Presently, the service will be free for the account holder with banks bearing the cost of just 25 paisa per transaction. In case of SMS based remittance, the account holder will be charged Rs. 2 per SMS, which NPCI is trying to get waived-off by talking to mobile phone operators, an NPCI official said.According to Reserve Bank India (RBI)’s Mobile Banking regulations the maximum amount to be remitted through mobiles at Rs. 50000 a day.
Reserve Bank deputy governor Shyamala Gopinath said, The Interbank Mobile Payment Service — which at present has seven banks including the largest lender SBI on board — had the potential to change the retail payment landscape in India, which boasts of 600 million mobile subscribers and 300m bank accounts
http://www.digitsdiary.blogspot.com This site provides software downloads,mobile downloads,pc downloads,wall papers,all mobile tricks an d tips secret codes,movies,top articles,games,technology,tips and tricks,latest information ...Admin:Dhananjay email:quiany o0ne from tumkur?? etdhanu@gmail.com
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