Interbank Mobile Payment Service – 2 Unique Reference Number
I have noticed folks that we Indians are warming up to the IMPS. The Google Search analysis illustrates this.
It is a pre-requisite for all electronic transactions to carry a Unique Reference Number.
This Unique Reference Number is present in RTGS/NEFT/ATM/Credit Card/Debit Card/Net Banking/Mobile Banking transactions.
This Unique Reference number is necessary to reconcile transactions and also to resolve customer complaints, if any.
Hence, I am sure that a Unique Reference Number will be present for IMPS transactions too
IMPS will enable the Bank customers to enjoy the wonders of ePayments without Debit Card/Internet Banking/ATM Card/ECS.
Few suggestion’s, wherein the IMPS will replace cash.
Location – A superbazaar/shopping mall /chit companies / finance companies / restaurants
01) Customer completes his/her shopping, and arrives at the Billing Counter
02) Indicates he/she is settling the Bill through IMPS
03) Presents a ‘Proof of Identity’,
04) Cashier informs the Mobile number and MMID to the customer
05) The customer executes the funds transfer
06) The customer receives the confirmation SMS containing the URN
07) The URN is keyed into the Sales Receipt, for further reconciliation
08) Otherwise, the URN number is noted in the Sales receipt for further reconciliation
By late 2011, Institutions would be able to roll out this feature.
Well, who would be the first-movers? It will be the finance companies as they will be able to recover their Loan installments quickly and safely.
The above process flow is explained as a diagram below, for a enhanced understanding.
IMPS Process flow
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