Interbank Mobile Payment Service Is on the Verge of ‘Revolution’ in India
The Indian Payments Industry is on the verge of a major revolution. A makeover that will alter the way Indians transfer monies amongst themselves.
The key players in this transformation are the National Payments Corporation of India, and the few Banks viz State Bank of India, ICICI, Bank of India, and Union Bank of India.
Mobile funds transfer facilities in Kenya (M-Paisa), South Africa (Wizit) and the Philippines (Smart Cash) are run by telecom companies, while the systems in the US and the UK are intra-bank.
NPCI’s interbank mobile payment system (IMPS) will be the first globally to allow such transactions between individuals that will be routed in tandem through the bank and the mobile services provider.
Yes, you have read correctly, this is a Global First, wherein the Banks and the Mobile Service Providers have joined forces for funds transfer.
This is a win-win option for all the Participants.
Link for the Customer’s FAQ on NPCI site is
As the FAQ’s Document comprehensive and self-explanatory, I am not repeating them here.
As on 26th October, 2010, the customers of the following Bank’s customer’s SBI, ICICI, Bank of India, Union Bank of India, Yes Bank and Axis Bank, are part of the privilege circle, with access to ‘Interbank Mobile Payment Service (IMPS)’.
IMPS
Link to State Bank of India – IMPS is @http://www.statebankofindia.com/user.htm
A Google search for IMPS links in ICICI, Bank of India, Union Bank of India, Yes Bank and Axis Bank websites did not yield any result.
Ultimately, all the Banks have to be part of the IMPS, or otherwise, Customer’s might prefer to shift their monies elsewhere, though they might not close the Bank Accounts.
What could eventually move to IMPS?
01) EMI Payments – currently routed through PDC’s or ECS Mandates
02) Microfinance repayments – currently routed in cash
03) Locations where Debit Cards are now swiped. Ah, this is a huge market, which I feel is not explored by the IMPS players.
Tomorrow, I will explain in more about the opportunities for Corporates, in the IMPS arena.
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