Now, use your moblie to transfer money to any bank
By siliconindia   |   Tuesday, 23 November 2010, 11:56 IST   |    1 Comments
Printer Print Email Email
Mumbai: Transferring money from one account to another is going to be even easier as consumers will now be able to transfer money to any other account in the country using their cell phones with the help of the National Payment Corporation of India's (NPCI) Inter-bank Mobile Payment Service (IMPS), reports Manthan K Mehta of the Economic Times. One of the major advantages of IMPS is that a customer does not have to use a computer or an internet-enabled phone to transfer funds. Apart from that it does not require the sender and the receiver to held accounts with the same bank. While seven banks including HDFC, ICICI, AXIS and SBI have gone live with the system, seven more are in the process of activating the service. Adding to it, 22 other banks are likely to join the network soon. "Both the receiver and sender of the money should have mobile numbers and hold accounts with their banks. They will both have to register with their banks to secure a seven-digit mobile money transfer identifier number (MMID). With the help of these two numbers, the payer will be able to transfer the amount in the payee's account in real time", said NPCI Managing Director and Chief Executive Officer A P Hota. As soon as the transaction is complete, the payer and payee soon receive SMS confirmations on their mobile phones, he added. As per the RBI guidelines, using this service, a consumer is not allowed to carry out a transaction beyond 50,000 a day. In a country like India, where there are nearly 300 million bank accounts and over 600 million mobile connections, the service is expected to be a game changer for the retail money payment sector in the country.

siliconindia