'Vijaya Bank joining the Inter-bank Mobile Payment Service (IMPS) as 25th Member bank is a major development in mobile payment system in India. All major banks are now under IMPS', said Shri A P Hota, MD & CEO of NPCI.
'These IMPS enabled banks are in a position to offer to their customers a remittance service which is unique in the world. The customers of these banks can transfer money to one another using their mobile handset on 24x7 real time basis. Money transfer is possible any time during day and night on all days including Sundays and holidays. The beneficiary gets an SMS notification of his/her account having been credited and the sender receives an SMS notification for his/her account been debited. The customers who have subscribed to mobile banking service are automatically offered the facility to receive the money. But for sending money, the customer has to take extra one time effort of downloading a software on the mobile handset and activate the same with a password to make the transaction secure. The system is inter-operable between banks, telecom companies and handset manufacturers. National Payments Corporation of India provides the facility of inter-bank settlement of transactions. And now, Vijaya Bank customers can also look forward to a new way of sending and receiving money', he added.
'NPCI is indeed pleased that the Banking community in India has supported the IMPS wholeheartedly and that is evident from the fact that in a short span of less than a year of going live with pilot, 25 banks have joined in offering the IMPS service to its customers. Now is the time for them to focus on increasing the transactions through this channel' said, M Balakrishnan, Chief Operating Officer, NPCI.