Instant Mobile Payment Service Coming To Seven Indian Banks
By on November 24th, 2010

Mobile Internet is catching up with Indian users at a rate which Desktop internet has not been able to match yet. According to a recent report, the Indian youth finds mobile Internet as one of their favorite pastimes.

Given the massive growth of Mobile users in the country, The National Payment Corporation of India is launching an instant mobile payment service   (IMPS) that will enable retail customers of seven banks to enjoy inter-bank funds transfers – 24 hours a day & 7 days a week.

Soon, Long queues of customers at bank branches to transfer money may become a thing of the past. If IMPS catches up with the users like Facebook did, then in the long run, customers may not have to worry at all for change to pay auto/ taxi fare and the neighbourhood vegetable vendor. The mobile phone will take care of everything.

As of now the seven banks which will be able to provide it’s customers with IMPS are State Bank of India, Bank of India, Union Bank of India, ICICI Bank, HDFC Bank, Axis Bank and YES Bank.

Apart from these 7 banks, 22 more banks are in the preliminary phase of getting ready to provide their customers with the IMPS. Utmost care has been taken to make sure that the mobile banking application runs on all handsets – be it low-end or high-end.

Image Courtesy Varunverma.org

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Author: Debjit
Debjit does some excellent analysis of the Indian technology front and digital media news in India. He is passionate about all things Microsoft but loves open source too! Get in touch with him @dkd903

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