Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.