To promote Safe ePayments in our country, NPCI(National Payments of India), is in the process of rolling out a new product.
This new product will be an extension of IMPS(Interbank Mobile Payment Service).
IMPS was launched in June 2010, and currently 30 Banks offer this service.
However, there has no spectacular growth of transactions in the IMPS Grid. On an average 12,000 transactions are being executed on the IMPS platform.
Hence, to popularise the IMPS, NPCI had requested RBI to permit transmitting of money from ATM/NET Banking to mobile i.e MMID
MMID is a 7 digit number, to be issued by the bank to the customer upon registration
A beneficiary should have a MMID in order to receive the money to his mobile.
The MMID is in turn linked to a Bank Account.
The main advantage of IMPS is that it is instant and works 24 X 7, including holidays.
A couple of articles on this initiative can be viewed@ http://www.thehindubusinessline.com/todays-paper/tp-money-banking/article2616030.ece
However as on 13/11/2011, this new NPCI offering is not yet updated on the NPCI website.
I am sure, there will be adequate security authentications, to ensure that there is no scope for fraudulent transactions.
