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National Payment Corporation of India rolled out a service for Inter-bank Mobile Payment Service in India. This service is believed to be revolutionize the retail money payment sector in India. The NPCI is the umbrella organization for all retail payment systems in the country owned and operated by banks. NPCI claims that the mobile payment 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. This is something truly Mobile. Earlier Mobile banking is limited to transactions using mobile with GPRS internet connection.
Mobile banking :
Till now, the transfer of money through mobile phones was only allowed if both sender and receiver held accounts with the same bank. As of now, seven banks including HDFC, ICICI, AXIS and SBI have gone live with the system. Seven more banks are in the process of activating the service and 22 others expected to join the network soon.
How to Use Mobile Banking : Step-by-step guide
- Register your mobile number in your account with the bank
- Get your MMID and MPIN
- Download and activate mobile banking application on mobile
- Open the mobile banking application
- Select Funds Transfer
- Select Mobile to Mobile Transfer (IMPS)
- Enter mobile number of payee
- Enter MMID
- Enter purpose (optional)
- Enter amount
- Select account to be debited
- Choose OK
- Enter MPIN
- Choose confirm and send request
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