Economy

m-Pesa starts inter-bank money transfer service

Our Bureau Mumbai | Updated on March 12, 2018

Mobile Commerce Solutions Ltd (MCSL), a pre-paid/remittance provider with the m-Pesa platform, has started a pan-India inter-bank money transfer service by joining hands with the Immediate Payment Service (IMPS) of NPCI.

With this tie-up, an MCSL (m-Pesa) user can send money to customers of any IMPS-enabled bank using NPCI’s remittance platform, NPCI said in a statement.

The National Payments Corporation of India (NPCI) is the umbrella organisation of all retail payment systems in India, set up with the support of the Reserve Bank of India and Indian Banks’ Association.

“Currently there are 60 banks and five pre-paid service providers as members of IMPS and many more are in the testing stage,” the statement said.

Immediate Payment Service (IMPS) is a remittance processing platform offered by NPCI that offers instant, 24X7, electronic funds transfer through mobile, Internet or ATM between banks and pre-paid providers. IMPS is considered one of the latest technologies in account-to-account remittance and mobile payment space, which is enabled across almost all public and private sector banks.

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Published on March 22, 2014
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