Zero 2 Hundred-NPCIs Instant Payment Service trajectory in India

          A major milestone in India’s eTransactions journey was crossed in July 2015 with the total number of banks at 100 on NPCIs IMPS channel.

          Yes, as on date 100 banks are part of this 100% ‘Made In India’, eTransactions mode.

          The benefits of IMPS are being enjoyed by a large populace spread across the nook and corner of our country.

          The chief advantage of IMPS is that transactions can happen around the clock, irrespective of holidays, with nil dependence on bank staff.

          The initial transactions will be a bit strange, as the funds move at the speed of light at any point of time.

          There are number of channels through which the bank customers can choose to transact through the IMPS mode.

          There are a number of products which can be tailored by Finance Industry participants to enhance the customer experience.

          The technology is robust enough to support extremely high volumes at all times.

          Banks and PPIs are constantly innovating to expand the user base.

          Only a fraction of the target populace has been touched by IMPS and in the coming years, IMPS will embrace new group of people into its fold.

         

Indusind Bank ventures into Safe eTransactions-IMPS Branch Channel

             Indusind Bank has become the first bank in our country to offer IMPS transactions through the Bank branch channel.

            IMPS which debuted four years bank was primarily designed for alternate channels mode i.e customers initiate the transactions on their own, without intervention by bank staff.

            As the main advantage of IMPS is 24*7, 365 days delivery, the volumes were going up. Till date, no Indian bank was offering IMPS through the bank branch channel.

            Now, Indusind Bank has started to offer this facility at its branches. Going ahead, other banks too will offer IMPS at their branch.

            The first mover’s advantage will surely go to Indusind Bank.

            Bank staff has to extra vigilant while keying the beneficiary details. IMPS is instant and the RECALL option is simply not feasible.