Arrival of mobile purse – All the payments can be made through mobile phone | Revolutionary Interbank Mobile Payment Services (IMPS) is going to be introduced soon

Arrival of mobile purse – All the payments can be made through mobile phone | Revolutionary Interbank Mobile Payment Services (IMPS) is going to be introduced soon

Stage has been set for a new revolution mobile services. Facility of paying money through mobile phones for the purchases made, is soon going to hit the market. RBI has started Interbank Mobile Payment Services (IMPS). There are seven banks in IMPS, including SBI. Banks give Mobile Money ID (MMID) to its customers. Special software application has to be installed in the mobile. It is also offered by banks. Those who have mobile phone that doesn’t support this software, can make payments through SMS. Rs. 0.25 will be charged for every transaction. When payment is made through SMS, Rs. 2 will be charged per SMS. Daily payments can be made up to Rs.50,000 at the maximum. Mobile payments have been a successful concepts in developing countries such as Kenya and Philippines. It is a big milestone in retail purchases. National Payments Corporation of India (NPCI), which is formed by 10 banks, will be looking after the transactions and will serve as settlement agency. It is the first system of its kind in the country. NPCI is of opinion that this system would be successful when  it expands to rural regions.

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