Showing posts from September, 2012

Interbank Mobile Payment Service

Interbank Mobile Payment Service or IMPS allows interbank electronic fund transfers through Mobile devices. In simple terms, IMPS enable customers to access their Bank account through Mobile Device along with transfer of high interbank fund transfers in a secured environment. 

It belongs to National Payments Corporation of India, an organisation for all retail payment systems in India.This facility is provided by NPCI through its existing NFS switch. 
Considering, the current fund transfer channel mechanisms such as NEFT, One of the drawbacks is 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.
Objective of IMPS:
1. To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and  remit funds 2.  Making payment simpler just with the mobile number of the beneficiary 3.  To sub-serve the goal of Reserve Bank of India (RBI) in electronificatio…