Mobile Wallets: NPCI enables mobile money transactions in India

16
Vote


Seven banks including HDFC,ICICI,AXIS and SBI have gone live with the new system

India consumers will now be able to transfer money from their accounts to any other account in the country using their cellphones via the National Payment Corporation of India’s Inter-bank Mobile Payment Service (IMPS).

Seven banks including HDFC, ICICI, AXIS and SBI have gone live with the new system. Seven more banks are in the process of activating the service and 22 others expected to join the network soon, according to the NPCI.

The NPCI is the umbrella organization for all retail payment systems in the country owned and operated by banks.The system is as secure as net-banking.The major advantage of IMPS is that a customer does not have to use a computer or an internet-enabled phone to transfer funds.

Mobile phone user will have to download the mobile banking application on his instrument to remit money.Even low-end phones will be able to undertake this transfer either through download,Bluetooth or even by making a simple application at the nearest branch of the bank.

According to NPCI, there are 600+ million mobile subscriptions in India and is considered more than the number of bank accounts. The sending/remitting customer just needs to know the mobile number and the Mobile Money ID (MMID) of the receiver /beneficiary for IMPS transfers and the money can be transferred instantly.

Mobile Money Transfer Identifier (MMID) is a concept formulated by MPFI and adopted by NPCI and participating banks. It takes care of linking multiple accounts to a mobile, ensuring only people who are registered for receiving
will receive money and avoids erroneous transfers to a large extent.

IMPS rides on the existing NFS Interbank ATM transaction switching infrastructure and the message format which was co-developed with MPFI. NFS currently has 51 member banks and the number is increasing every month. IMPS
thus has the potential for the wide reach across the country, is easy for banking industry to adopt and if the bank has the mobile banking solution already, only minimal changes are required at the bank’s end to implement this
service.

IMPS vision is to help migration of paper based payments to electronic payments, and provide cost effective, safe and fast payment options for larger sections of the society using ubiquitous mobile phones and leverage the technology available with all banks.

[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by somya harsh.

Related Posts
Google Nexus 6P to go on sale in India in November

Google Nexus 6P to go on sale in India in November

Chinese smartphone maker Huawei will begin selling the Nexus 6P in India next month, in batches, to meet unprecedented demand of the new Google phone.The high-end smartphone which was available for pr...
South Africa to 3/2 ODI Series Win in India

South Africa to 3/2 ODI Series Win in India

Mumbai: Quinton de Kock, Faf du Plessis and AB de Villiers all hit centuries as South Africa thrashed India by 214 wins on Sunday to clinch the five-match one-day international series. (Scorecard | Bl...
Gujarat and Karnataka Lift Ban on the Sale of Maggi Noodles

Gujarat and Karnataka Lift Ban on the Sale of Maggi Noodles

In a new twist of events, Karnataka and Gujarat have lifted the ban on manufacture and sale of Maggi noodles, paying way for its return. The announcements by the two states came after a clean chit was...
Before Diwali we will have a product made out of India, says Gionee India head Arvind Vohra – Tech2

Before Diwali we will have a product made out of India, says Gionee India head Arvind Vohra – Tech2

Gionee launched its flagship smartphone – the Elife E8 – at an event in New Delhi on 8 October. The smartphone sports a 24MP rear camera, comes with a MediaTek Helios X10 chipset with octa-core pr...
One person dies every 4 minutes in road accidents in India’

One person dies every 4 minutes in road accidents in India’

NEW DELHI: One person dies every four minutes in road accidents in India, according to figures released by an NGO working on safer roads. Estimating the cost of such accidents at Rs 3.8 lakh cr...
India in trouble with 5/75 |  Rohit sharma not playing

India in trouble with 5/75 | Rohit sharma not playing

Just as soon as Rohit Sharma had shown signs he had come back a better ODI opener, he was forced to sit out with a sore hamstring. India's other opening combination - Ajinkya Rahane and Shikhar...

Leave a Reply

 
We will keep You Updated...
Get Free Email Newsletter from VoteUpIndia Sign up for our free email newsletter. (Help?)
Read latest headlines in your favorite news reader
Follow VoteUpIndia  on Twitter Become a VoteUpIndia Fan on Facebook Subscribe to VoteUpIndia in Google Reader Add VoteUpIndia  to My Yahoo Add VoteUpIndia  to Netvibes Subscribe to Free Techie Buzz RSS Feed
Sponsored Links
Advertisements
Featured Video
Amazon
Best Storytellers
Powered by Authors Widget
Recent Posts

McDonald's Suspends Employee, Probes Child's Eviction From Pune Outlet

PUNE: After reports emerged that an eight-year-old destitute child was thrown out of an outlet of...

Why Arjun Made a Humble Request to Cast Sonakshi in Tevar

It's all about wearing your Tevar, this new year. Arjun Kapoor looked dapper at the initial promotions...

5 things Modi needs to do ASAP, after Bihar loss

It's not correct to transpose the outcome from a state election as a referendum on the central government,...

Sehwag's half century in All Star tournament.

The first match has been really special. We thoroughly enjoyed being here. New York, you were brilliant....

Bihar Defeat May Lead to Silent Rebellion in BJP Against PM, Amit Shah: Arun Shourie to NDTV

NEW DELHI: In the aftermath of the BJP's debacle in Bihar, Arun Shourie, one time admirer of Narendra...

Court Refuses to Stop Gillette Razor Ad Starring Deepika Padukone

New Delhi: The Delhi High Court has refused to stop a Gillette razor advertisement starring Deepika...

Bigg Boss 9: Roopal Tyagi voted out of the house

TV actor Roopal Tyagi was evicted from reality show Bigg Boss on Sunday’s episode. Roopal is the...
Recent Comments
How i can submit my story...? and where i can see the staus of votes for this?
IFFI lose its art value,so it became lose it commercial value
Dear sir I am sending an article which is based on true story and needs your help to lime light such incidents which never come in
Thanks for the interesting article. Great Post. Keep it up
It is indeed heartening to learn that LSE, the world leader in higher education, will join hands with the most admired Reliance Foun
Tag Cloud