Immediate Payment Service (IMPS) –
3 banks offer Sub-Product
In
the 2nd week of May 2013, 3 Banks viz Vijaya Bank, Axis Bank and
Dena Bank have offered the IMPS sub-product i.e IMPS using Account No and IFS
Code.
A
quick launch by IMPS member banks of all the IMPS sub-products would enable
their customers to try out a sample IMPS transaction. Based on the sample, the
bank customers would be more than willing to continue with IMPS transactions.
The
quick adoption by the bank customers would depend on the publicity efforts made
by the Banks to popularize the IMPS. Mouth-of-word advertising helps but as of
now, it is not that much effective.
As
of now, the concentration of the Banks and NPCI is to ensure that all the banks
have all the IMPS sub-products in their portfolio. Once the systems and process
stabilize, a publicity campaign might be in order.
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