HSBC has tapped the National Payments Corporation of India's platform to launch an interbank mobile transaction service for its corporate customers in the country.
National Payments Corporation of India (NPCI) launched its Interbank Mobile Payment Service (IMPS) in 2010, providing finance firms with the option to let customers use phones to access accounts and carry out fund transfers.
The service can be used to make person-to-person (P2P) or person-to-merchant (P2M) transfers. HSBC has now become the first foreign bank in India to offer P2M services.
Navin Gupta, head, PCM business, India, HSBC, says: "With over 900 million mobile subscribers in India, there is immense potential for a product like IMPS to dramatically change the way businesses receive funds. Not only will IMPS aid working capital management, it will also help corporates in India to more easily reach potential customers in remote locations across the country."
A P Hota, CEO, NPCI, adds: "IMPS offers real time money transfer 24X7 in a completely inter-operable way across banks and telecom service providers. Using the platform developed by NPCI, banks can offer a variety of payment services which significantly improves the speed of commercial transactions."