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Help Mobile remittance service launched in India
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#1
India today moved a step closer to making mobiles virtual wallets by launching services that allow seamless and real-time fund transfer from one person's bank account to another through cellphones.
Mobile remittance services, which have done wonders in other emerging market economies like Kenya and the Philippines, are expected to change the retail payment landscape in the country that has over 600 million mobile subscribers and 300 million bank account holders. The Interbank Mobile Payment Service (IMPS), which currently has seven banks including the largest lender SBI on board, was launched by Reserve Bank Deputy Governor, Shyamala Gopinath. She said the service has the potential not only to change the retail payment landscape in India but also help push financial inclusion, on the back of high mobile penetration. National Payments Corporation of India (NPCI), promoted by 10 banks, will act as the settlement agency between banks and deliver the back-end support to the system."This is the first-of-a-kind system in the country and the real power would be when it starts delivering in the rural areas,"NPCI's Chief Executive, A P Hota, told reporters. To avail of the service, an account holder will have to get mobile money ID (MMID) from the bank. MMID will be his ID for all mobile-commerce transactions. The banks will install special application on the mobile phone from where the remitting will be done. Once the process is complete, the bank account holder can remit money to anyone, provided he has the receiver's MMID and mobile phone number. In case of a low-end phone, where the application cannot be installed, money can be transfered through SMS. Initially, the service will be free for the account holder with banks bearing the cost of 25 paise per transaction. In case of SMS-based remittance, the user will be charged Rs 2 per SMS, which NPCI is trying to get waived-off by talking to mobile phone operators, an NPCI official said. Currently, the Reserve Bank regulations cap the maximum amount to be remitted through mobiles at Rs 50,000 a day. Gopinath said the launch of such a service will help in financial inclusion because of the success of mobile telephony in the country. She said stakeholders in the scheme -- banks, merchants and mobile phone companies -- should work together for greater integration to help reduce the use of cash and encourage the use of"mobile wallets".

PTI
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#2
Mumbai: Transferring money from one account to another is going to be even easier as consumers will now be able to transfer money to any other account in the country using their cell phones with the help of the National Payment Corporation of India's (NPCI) Inter-bank Mobile Payment Service (IMPS), reports Manthan K Mehta of the Economic Times.

One of the major advantages of IMPS is that a customer does not have to use a computer or an internet-enabled phone to transfer funds. Apart from that it does not require the sender and the receiver to held accounts with the same bank.

While seven banks including HDFC, ICICI, AXIS and SBI have gone live with the system, seven more are in the process of activating the service. Adding to it, 22 other banks are likely to join the network soon.

"Both the receiver and sender of the money should have mobile numbers and hold accounts with their banks. They will both have to register with their banks to secure a seven-digit mobile money transfer identifier number (MMID). With the help of these two numbers, the payer will be able to transfer the amount in the payee's account in real time", said NPCI Managing Director and Chief Executive Officer A P Hota. As soon as the transaction is complete, the payer and payee soon receive SMS confirmations on their mobile phones, he added.

As per the RBI guidelines, using this service, a consumer is not allowed to carry out a transaction beyond 50,000 a day. In a country like India, where there are nearly 300 million bank accounts and over 600 million mobile connections, the service is expected to be a game changer for the retail money payment sector in the country.
http://www.siliconindia.com/shownews/Now...cid-5.html
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Airtel Digital HD Recorder / Kerala Vision Digital TV
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