Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Under NEFT, 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.

In the above context, NPCI has carried out a pilot on mobile payment system initially with 4 member banks viz State Bank of India, Bank of India, Union Bank of India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank have joined this pilot in month of September, October and November 2010 respectively. Interbank Mobile Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.

IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features.

This facility is provided by NPCI through its existing NFS switch.

The eligible criteria for the Banks who can participate in IMPS is as follows

1. Bank should be member of National Financial Switch (NFS) driven by NPCI

2. Bank should have approval from RBI for Mobile Banking Service

 

Objectives of IMPS

* To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds

* Making payment simpler just with the mobile number of the beneficiary

* To sub-serve the goal of Reserve Bank of India (RBI)  in electronification of retail payments

* To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner

* To build the foundation for a full range of mobile based Banking services.

The participants for IMPS will be as follows:

* Remitter (Sender)

* Beneficiary (Receiver)

* Banks

* National Financial Switch – NPCI

Pre-Requisites for Mobile Banking through IMPS

Registration for Remitter:

* Register yourself for mobile banking service with bank

* Get Mobile Money Identifier (MMID) and MPIN from the bank

* Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS

Registration for Beneficiary:

* Link your mobile number to the account in the respective bank. No need to register for mobile banking service.

* Get Mobile Money Identifier (MMID) from the bank

For Remitter (To send money):

* Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS

* Get Beneficiary Mobile number and MMID

* Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send

* Await confirmation SMS for the debit in your account and credit in beneficiary account

* Note the transaction reference number for any future query

For Beneficiary (To receive money):

* Share your Mobile number and MMID with the remitter

* Ask the remitter to send money using your Mobile number and MMID

* Check the confirmation SMS for credit to your account from the remitter

* Note the transaction reference number for any future query

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