Interbank Mobile Payment Service (IMPS) - 1

Interbank Mobile Payment Service (IMPS) - 1

The Indian Payments Industry is on the verge of a major revolution. A makeover that will alter the way Indians transfer monies amongst themselves.

The key players in this transformation are the National Payments Corporation of India, and the few Banks viz State Bank of India, ICICI, Bank of India, and Union Bank of India.

Mobile funds transfer facilities in Kenya (M-Paisa), South Africa (Wizit) and the Philippines (Smart Cash) are run by telecom companies, while the systems in the US and the UK are intra-bank.

NPCI's interbank mobile payment system (IMPS) will be the first globally to allow such transactions between individuals that will be routed in tandem through the bank and the mobile services provider.

Yes, you have read correctly, this is a Global First, wherein the Banks and the Mobile Service Providers have joined forces for funds transfer.

This is a win-win option for all the Participants.

Link for the Customer’s FAQ on NPCI site is

http://www.npci.org.in/impsFaqCust.aspx

As the FAQ’s Document comprehensive and self-explanatory, I am not repeating them here.

As on 26^th October, 2010, the customers of the following Bank’s customer’s SBI, ICICI, Bank of India, Union Bank of India, Yes Bank and Axis Bank, are part of the privilege circle, with access to ‘Interbank Mobile Payment Service (IMPS)’.

IMPS

Link to State Bank of India – IMPS is @ http://www.statebankofindia.com/user.htm

A Google search for IMPS links in ICICI, Bank of India, Union Bank of India, Yes Bank and Axis Bank websites did not yield any result.

Ultimately, all the Banks have to be part of the IMPS, or otherwise, Customer’s might prefer to shift their monies elsewhere, though they might not close the Bank Accounts.

What could eventually move to IMPS?

01)               EMI Payments – currently routed through PDC’s or ECS Mandates

02)              Microfinance repayments – currently routed in cash

03)              Locations where Debit Cards are now swiped. Ah, this is a huge market, which I feel is not explored by the IMPS players.

Tomorrow, I will explain in more about the opportunities for Corporates, in the IMPS arena.

SAY NO TO CASH, SAY YES TO ELECTRONIC PAYMENTS

SAY NO TO CASH, SAY YES TO ELECTRONIC PAYMENTS    .

I have been thinking for the last couple of weeks, to launch a campaign on SAY NO TO CASH, SAY YES TO ELECTRONIC PAYMENTS         .

Twice a month, I wish folks would use Electronic Payments for all their purchases and not Paper Cash.

Ok, let me be a little realistic,

Anything of purchase value above 2 Digits should be paid via Electronic Payments.

I propose the 1^st Sunday and last Sunday of every month.

For Starters, the following are the Dates

31/10/2010

07/11/2010

What are the modes of Electronic Payments?

Few modes are

01)                       Sodexho Coupons

02)                       Credit Cards

03)                       Debit Cards

04)                       Gift Cards

05)                       Petro Cards

06)                       Pre-Paid Cards

07)                       Cash Cards

In short, any mode which the Buyer and Seller exchange value, excluding  physical cash.

Where can the Electronic Payments facility be availed?

a)     Supermarkets

b)    Malls

c)     Cinema Theatres

d)    Petrol Bunks

e)     Multiplexes

f)      Hospitals

g)     Internet Sites

In short, any location where your needs are satisfied.

Spread the word of NO CASH, ONLY ePAYMENTS

RTGS/NEFT Open On ON 16/10/2010

RTGS/NEFT Working on 15/10/2010

NEFT closed on 30th September, 2010 – 2nd October, 2010 – 3rd October, 2010 RTGS closed on 30th September, 2010 – 2nd October, 2010 – 3rd October, 2010

RTGS/NEFT closed on 30^th September, 2010 – 2^nd October, 2010 – 3^rd October, 2010

30^th September 2010  – Half-yearly closing of Bank Books

02^nd October 2010 – Gandhi Jayanti

03^rd October 2010 - Sunday

Folks plan your ePayments carefully today. Any wrong information, will lead to delayed receipt of funds at either ends.

Yes, the stretch holidays were known in Advance, but the Sunday in between will result in a huge pile up of transactions today i.e 29^th septemeber, 2010 and also on Monday i.e 04^th October, 2010