Wednesday, December 15, 2010

INSTANT MOBILE PAYMENT SERVICE IS HERE

The National Payment Corporation of India is rolling out an instant inter-bank mobile payment service that will enable retail customers of seven banks to enjoy 24x7 funds transfer. As the IMPS architecture is envisaged, down the line. The mobile will prove handy. The State Bank of India, Bank of India, Union Bank of India, ICICI Bank, HDFC Bank, Axis Bank and YES Bank became the first set of banks to go live with the IMPS. While seven banks are in the process of going live with IMPS, 22 others are in the preliminary phase. To avail themselves of the mobile banking service, the customers need to register with their banks, which will issue them a unique seven digit mobile money identifier (MMID) and mobile banking personal identification number (MPIN). Irrespective of whether their mobile is low-end or high-end, customers can download and activate the mobile banking application. To initiate a mobile payment, all that a sender has to do is key in the beneficiary's mobile number, the beneficiary's MMID, the amount to be sent and the MPIN. The sender will get SMS confirmation for the money sent.

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