Interbank Mobile Payment Service (IMPS) launched on 22/11/2010.
NPCI on 22nd November, 2010 announced the launch of IMPS.
The Press Release can be accessed @ http://www.npci.org.in/documents/press%20release%2022Nov10.pdf
The major players to bring forth this Product live are NPCI along with its partners, participating banks, their service providers, MPFI and IDRBT.
Banks to be part of the IMPS have to be first members of the NFS (National Financial Switch) of NPCI. This is because IMPS rides on the existing NFS Interbank ATM switching infrastructure.
Currently, 51 Banks are part of NFS. This means right away these 51 Banks can be part of the IMPS Grid.
Only minimal changes are required in the Bank’s Mobile Banking Solution, to integrate with IMPS.
Some excerpts from leading newspapers on this momentous occasion
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Currently seven banks, State Bank of India, ICICI Bank Ltd, Union Bank of India, Bank of India, HDFC Bank Ltd, Axis Bank Ltd and Yes Bank Ltd are already live with the service while Coporation Bank, Citibank, Standard Chartered Bank and Canara Bank are among seven other Banks which are in the pipeline.
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The NPCI has asked banks not to levy any charges to the customers till March 2011 for the service. The NPCI too is not charging banks for offering the IMPS facility to people.
After March 2011, the NPCI will charge banks 25 paise per transaction. At present, customers will only have to pay the nominal charge levied by the telecom service provider for using GPRS to facilitate the transaction.
http://www.dnaindia.com/money/report_you-can-pay-your-vegetable-vendor-rickshaw-driver-via-mobile-phone_1470648
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As the IMPS momentum gains speed in the coming months, there will be a surge in the volumes and also the variety. We Indians will no doubt find new ways to popularize IMPS.
IMPS has the potential to reduce ‘cash handling’, in our economy.
Cheers to all the participants involved in this innovative payment solution.
NPCI for taking the lead.
MFPI for developing the Standards.
IDBRT for testing the Standards.
The technology is in place, the Product is in place, and now it is upto us, to scale up the volumes.
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