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IMPS-NPCI India Mobile Banking: India's first Instant Interbank Mobile Payment Service Launched

Country’s first Instant Interbank Mobile Payment Service(IMPS) gas been launched by National Payment Corporation of India.

NPCI’s Interbank Mobile Payment Services (IMPS) was inaugurated by Shyamala
Gopinath, Deputy Governor, Reserve Bank of India (RBI) on 22nd November 2010
at Mumbai.

It is India’s first instant, real-time, 24*7 fund transfer facility
in the retail payment sector. IMPS is co-created by NPCI along with its
partners, participating banks, their service providers, MPFI and IDRBT.

The service provides an inter operable infrastructure for the banks to offer
real time money transfer facility to their customers through the mobile

Banks are free to use any mobile banking application of their choice.
Since IMPS can be made available in all forms (SMS, USSD, thin Client, Thick
client), it can support the transactions from low end mobiles to high end
mobiles to serve everyone’s needs. Banks will have to adhere to RBI’s mobile
banking guidelines while offering this service to their customers.

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.

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

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.

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