Dear Bhaiya:
Interbank moble payment system is launched by National Payment Corporation
of India.
Currently if I am right, then there are 7 banks participating in this
system, including the big market player SBI. More 16 are in process, and 22
other banks will be participating soon.
In this system, as of now, Java based applications have got this
functionality of transfering funds into participating banks of this system,
and as the talks grow more with the mobile operators, soon SMS based
services will be available free of cost. Currently banks I think are
charging 50 paisa along with the rates of SMS which should be 3 rupees per
SMS. As I mentioned, trai is trying to get it reduced.
In this system, a user is alotted a unique MMID, full form is mobile money
ID if I remember, along with the registered number for mobile banking.
So say if I have account in SBI, and I have to transfer funds to your YES
bank account, I will give your mobile number and MMID which you will provide
me, after security checks are completed, funds will be debeted to your
account. It'ss almost realtime process, complaint mechanism is also setup by
banks in order to ease the process.
For any further doubt, do get in touch with me.
Regards
Amar Jain.
-----Original Message-----
From: mahendra
Sent: Sunday, November 28, 2010 12:41 PM
To: accessindia@accessindia.org.in
Subject: Re: [AI] Mobile banking set to get a boost from IMPS
this is of course great, can some one explain how it will work?
no internet, only through SMS?
At 06:04 AM 11/28/2010, you wrote:
Mobile banking set to get a boost from IMPS
Vasudha Venugopal
Unlike Internet banking which is confined to the tech-savvy, this will
benefit average user
--------------------------------------------------------------------------------
The service will help banks offer money transfer in seven seconds
The latest security measures are put in place
--------------------------------------------------------------------------------
CHENNAI: Customers will now be able to transfer money from their accounts
to any other account in the country using their cellphones, through the
National
Payment Corporation of India's Inter-bank Mobile Payment Service (IMPS).
The facility allows transactions without the need for a computer or an
Internet-enabled
phone.
Experts say the service introduces a new form of customer-friendliness that
a developing ICT nation like India requires. The Telecom Regulatory
Authority
of India records more than 670 million registered mobile subscribers; with
the penetration of Internet technologies through mobile phones being higher
than the spread of the Internet through broadband connections, the service,
they reckon, is expected to boost banking transactions better than Internet
banking.
"Though the Internet banking services are user-friendly, they are actually
restricted to a limited number of tech-savvy, English-speaking Internet
users
in the country. With the IMPS, the mobile phone, which is ubiquitous,
becomes a handier device for the average user," says Nishant Shah, director
(research),
Centre for Internet and Security.
The service provides an inter-operable infrastructure for banks to offer a
real-time money transfer facility to customers through mobile phones in
seven
seconds, says A.P. Hota, CEO and Managing Director of the NPCI. The mobile
fund transfers offered by banks and technology providers take 24 hours, and
are allowed only if the sender and the receiver hold accounts in the same
bank, a hiccup the IMPS seeks to overcome.
With mobile phone-based applications popular and more inclusive in their
reach, Mr. Shah says, it might be not only more far-reaching to have
banking services
available through encrypted SMS systems, because it is a medium that people
are familiar with, but also the application-based systems are going to
benefit
a lot of people, especially who live in areas with inadequate access to
banking systems.
Citing South Africa and the Philippines where the IMPS has been
successfully launched, experts say the banking and telecom sectors are
equipped with the
latest security measures for launching the service. With most banks now
using a Java-based robust system which works on some kinds of phones and is
supported
by a limited number of Operating Systems, the system is said to have
tried-and-tested security features with double layers of encryption. Hence,
the responsibility
of caution is more on the side of the user than on technology, experts say,
citing cases of sharing of passwords, leaving phones unlocked and sharing
of
sensitive information with strangers as causes for financial crimes online.
Seven banks have already been offering the IMPS. Seven more are linking up
through this network. Gradually, all 50 banks licensed by the RBI are
expected
to offer the service, which will be free of cost till March 31, 2011.
http://www.hindu.com/2010/11/28/stories/2010112862140800.htm
There is enough light for one who wants to see.
Easy tips of improving English at
http://shadablucknow.blogspot.com/
My contributions to the press
http://shadablucknow.blogspot.com/2008/10/my-contributions-to-press.html#link
Many posts on one page
http://shadablucknow.blogspot.com/search?updated-min=2008-01-01T00%3A00%3A00-08%3A00&updated-max=2009-01-01T00%3A00%3A00-08%3A00&max-results=47
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with warm regards
Mahendra Galani
window's live ID mahendragal...@hotmail.com skype ID chintu3886
phone +4314943149 mobile +4369910366055,
address Herbst strasse 101.16.1 Vienna Austria Europe
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