INTERBANK MOBILE PAYMENT SERVICE (IMPS)

1. What is IMPS? Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds therefrom. 2. Presently, how are interbank fund transfers made using mobile phone? Various banks are providing remittance facility through their mobile banking platforms. The The interbank remittance request initiated from a mobile is processed by the beneficiary bank as a National Electronic Fund Transfer (NEFT) transaction. status of such payment request is therefore not known instantly because NEFT payments are processed in batches from 9 am to 7 pm. The NEFT transactions are charged by banks and charges vary from bank to bank 3. Does the customer need to have a bank account for availing IMPS? Yes, the customer needs to have a bank account with the bank which has enabled this facility. 4. Does the customer need to register to remit the funds through IMPS? Yes. Customer should enroll for Mobile Banking Service with the bank where customer has an account. The registration process shall be as per their banks laid down procedures. 5. Is the beneficiary customer also required to register for IMPS? The beneficiary customer should have their mobile numbers registered with the bank where he/she maintain the account and where he intends to receive the credit and should have a valid MMID provided by the bank. No need to specifically enroll for Mobile Banking Service of the bank. 6. What beneficiary details does the customer need to affect an IMPS remittance? The beneficiary details required are: a. Beneficiarys mobile number b. MMID of the beneficiary customer 7. What is MMID? Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer. (more)

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IMPS mobile compatible site available now!! a Visit http://imps.npci.org.in from your mobile phone IMPS Background browser a IMPS on Facebook http://www.facebook.com/imps.imps Background

IMPS on Twitter https://twitter.com/NPCI_IMPS

Immediate Payment Service (IMPS) Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system. In the above context, NPCI has carried out a pilot on mobile payment system initially with 4 member banks viz State Bank of India, Bank of India, Union

Bank of India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank have joined this pilot in month of September, October and November 2010 respectively. Immediate Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features. This facility is provided by NPCI through its existing NFS switch. The eligible criteria for the Banks who can participate in IMPS is that the Bank should have approval from RBI for Mobile Banking Service. CLICK HERE to know Live Members Banks for IMPS a Objectives of IMPS

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To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds Making payment simpler just with the mobile number of the beneficiary To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner To build the foundation for a full range of

mobile based Banking services.

The participants for IMPS will be as follows:

Remitter (Sender) Beneficiary (Receiver) Banks National Financial Switch - NPCI

Pre-Requisites for Mobile Banking through IMPS

Registration for Remitter:

Register yourself for mobile banking service with bank Get Mobile Money Identifier (MMID) and MPIN from the bank Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS

Registration for Beneficiary:

Link your mobile number to the account in the respective bank. Get Mobile Money Identifier (MMID) from the bank

For Remitter (To send money):

Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS Get Beneficiary Mobile number and MMID Enter Beneficiary Mobile number, beneficiary

MMID, Amount and your MPIN to send Await confirmation SMS for the debit in your account and credit in beneficiary account Note the transaction reference number for any future query Share your Mobile number and MMID with the remitter Ask the remitter to send money using your Mobile number and MMID Check the confirmation SMS for credit to your account from the remitter Note the transaction reference number for any future query

Immediate Payment Service (IMPS) is a payment service introduced by National Payments Corporation of India (NPCI). The service, launched as an instant mobile remittance solution in November, 2010 has today evolved as a multi-channel, multidimensional remittance platform. The IMPS platform today is capable of processing P2P(Person to Person), P2A (Person to Account) and P2M (Person to Merchant) remittance and transactions can be initiated from Mobile, Internet as well as ATM channel. In addition to banking customers,non-banking customers can also avail the IMPS facility through Reserve Bank of India (RBI) approved PPIs. Benefits of IMPS [edit]

Instant Available 24 X 7 Available on holidays also Safe and Secure Available on Mobile /Internet/ ATM Services

IMPS: Services Offered[edit] Sending & receiving money[edit] Payments [edit]

Utility Bills Mobile Top up & DTH Recharge Credit Card Bills Grocery Bills Travel & Ticketing Online Shopping Educational institutes (schools/Colleges) fees payment POS

Donations to religious places[edit] IMPS: Products[edit] P2P- Persons to Person P2A (IFSC/Account number) P2M (Push) P2M (Pull) Person to Person (P2P)[edit] IMPS P2P is a service used to transfer funds between two individuals having accounts in same bank or different banks which are member of IMPS network. Following are the details to be used while making payments using IMPS P2P service: 1. Beneficiary Mobile No. (10 Digits) 2. Beneficiary MMID (7Digits) 3. Amount 4. MPIN (Password) 5. Remarks (Optional -50 Characters) IMPS P2P offers immediate debit to the remitter account and immediate credit to beneficiary account. Person to Account (P2A)[edit]

IMPS P2A is a service launched by NPCI to boost IMPS adoption by using IFSC code and beneficiary Account Number which is already popular in RTGS/NEFT transaction. In IMPS P2A, remitter needs to enter beneficiary account Number and IFSC code instead of Mobile Number and MMID. Following are the details to be used while making payments using IMPS P2A service: 1. Beneficiary Account No. 2. Beneficiary IFSC (11 Digits) 3. Amount 4. MPIN (Password) 5. Remarks (Optional - 50 Characters) Person to Merchant (P2M)[edit] A service available to IMPS customers for making payment to a Merchant/Entity for goods or services.Customers account gets debited and the Merchants account gets credited. The service is very convenient for making payments for:

Premium collection by customers/agents DTH/Mobile top-ups Any bill Payments College/Institution Fee Payments

P2M has two types of transactions: 1. Customer Initiated Transactions -Push Based (P2M-Push) 2. Merchant Initiated Transactions Pull Based (P2M-Pull) P2M-Push[edit] In P2M -Push transaction,customer initiates the transaction from his/her Mobile Phone for a credit to the Merchant's account for the goods or services offered by the Merchant.Customers account would be debited when the customer initiates a transaction from his mobile banking application/or through any other channel for payment to an entity/Merchant who is the Beneficiary and the beneficiary's account would be credited P2M-Pull[edit]

P2M-Pull is a transaction where the transaction is initiated at a merchant's Application(Merchant POS, Mobile POS, Website, IVR) by a customer for the goods or services offered by the Merchant. The Customers account would be debited after the customer has initiated the transaction at the Merchant's Application for a payment to a Corporate/Merchant for goods or services offered by the merchant. Member banks[edit]

A P Mahesh Co-op Urban Bank Allahabad Bank Andhra Bank Axis Bank Bank of Baroda Bank of India Bank of Maharashtra Bassein Catholic Co-op Bank Canara Bank Catholic Syrian Bank Central Bank Of India Citi Bank Corporation Bank Cosmos Co-operative Bank Dena Bank Development Bank of Singapore Development Credit Bank Dhanlaxmi Bank Dombivali Nagari Sahakari Bank Federal Bank HDFC Bank

HSBC ICICI Bank IDBI Bank Indian Bank Indian Overseas Bank IndusInd Bank ING Vysya Bank Jammu & kashmir Bank Janata Sahakari Bank Pune Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Mehsana Urban Co-operative Bank Nainital Bank NKGSB Co-operative Bank Oriental Bank of Commerce Punjab & Maharashtra Co-op Bank Punjab National Bank Saraswat Co-operative Bank South Indian Bank Standard Chartered Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India

State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank Tamilnad Mercantile Bank The Thane Janata Sahakari Bank The A.P Mahesh Urban Co-op Bank The Greater Bombay Co-op Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank Yes Bank[1]

References[edit] 1. Jump up^ National Payments Corporation of India External links[edit]

National Payments Corporation of India (NPCI) http://npci.org.in/imps.aspx

RESERVE BANK OF INDIA

1. Mr Hota, Mr Balachandran, my colleague Mr Padmanabhan, other executives of NPCI, fellow bankers, other dignitaries and my media friends present here. I am honoured to be here and I thank the NPCI for inviting me to inaugurate the Interbank Mobile Payment Services (IMPS), which has the potential to change the retail payment landscape in India provided all the stakeholders get it right. 2. The success of mobile penetration in India is now widely recognized. This huge success has encouraged it being increasingly leveraged to address other frontier issues of inclusive growth process. Exchange of money, one of the most fundamental economic functions in any economy, is one of such 1 frontline issues. I can do no better than refer to the observations from a recent book coauthored by Mr. Sam Pitroda, one of the key architects of telecom revolution in India: M-commerce is poised for a revolution, commencing in China and India. It may initially focus on mobile banking and later, with integration of applications for consumer convenience, extend to other services.

3. Intuitively, the mobile phone, being more ubiquitous in nature offers a greater opportunity for effective delivery of financial services and furthering the cause of financial inclusion in a significant way. With the evolution through Information & Communication Infrastructure, knowledge based initiatives, right to information and education, delivery of public services and employment and entrepreneurship mobile money has the potential to facilitate inclusive growth. . 4. Reserve Bank has acknowledged the importance of mobile banking channel as a critical element to achieving inclusive growth in India and has been taking several important steps, the recent being enabling the mobile companies to partner with banks as business correspondents. The twin challenge in our country would be to succeed in reducing the use of cash while encouraging the spread and use of mobile wallet to reap the full benefits of this ubiquitous product. 5. The three stakeholders viz. the telecom operators, banks and merchants have realized the value proposition and the only sustainable business model is where these stakeholders work together to deliver true value to customers and effectively share the costs saved and new revenues generated. Hence it is imperative that all the three while being cognizant of their strengths, do not lose sight of their weakness and find ways to integrate their offerings without losing their individuality. 6. As far as banks are concerned, the real challenge would be to reorient their business models to exploit the synergies provided by this model while addressing the key concerns. Leveraging on new technology Extend the existing risk management practices to various delivery channels Acquire all these transactions over the existing settlement networks Aggregate various services as part of their existing cross-selling and co-branding initiatives Fraud prevention and security standards; safeguards against money laundering, KYC issues Ability to leverage their existing reporting, auditing, and campaign management at back end

Mobile Phones for financial services - across the globe 7. World over there has been increased use of mobile phones for extending financial services to the excluded populations. Two models are mainly evident (i) bank led model and (ii) Non-bank led model. 8. The bank led model involves extending all banking facilities including money transfer facility to bank customers through the mobile channel. This pure bank led model essentially incorporates the whole gamut of financial services like acceptance of deposits, extending loans and also providing money transfer facility. The agents are employed by the banks and are therefore directly responsible for their activities. 9. The non-bank led model which are mainly provided by MSPs. A virtual electronic prepaid wallet on the mobile phone is provided to the customers. Customers can use the amount in the virtual account for remittance/payments for goods and services (M-Pesa, Kenya). The number of such models across the globe is very few. In this model the focus is on providing remittance facility. These models provide a virtual prepaid account held with the MSP, which can be used by the customer for person-to-person remittance and payments. 10. In India, it has been decided to adopt the bank-led model. Mobile Payments in India : 11. The significance of this channel for the development of payment instruments and as payment channel has been recognized by the Reserve Bank. Accordingly the Reserve Bank of India issued the guidelines for Mobile Banking Transactions in October 2008.

12. The guidelines permit banks to provide mobile banking transactions and mandates that all transactions have to originate from one bank account and terminate in another bank account. The guidelines also permit banks to extend this facility through their business correspondents. The mobile banking guidelines were relaxed in December, 2009 to a. enhance the daily cap on both funds transfers and transactions involving purchase of goods and services to Rs.50,000 b. Requirement of end-to-end encryption relaxed for transactions up to Rs.1000/- for small value transactions. c. Facilitate funds transfer from a bank account using a mobile phone with cash payout at ATMs/BCs up to Rs 5000. 13. Non-bank entities have been permitted, in August 2009, to issue semi closed prepaid m-wallets up to the value of Rs 5000/- with full KYC compliance based on the representation received from Cellular Operators Association of India (COAI) The objective of keeping the limits low was to study the trend and progressively liberalize based on the experience. As on date a total of 6 non-bank entities have been authorized to issue prepaid mobile wallets. This includes one Mobile service provider. Another application is under process. 14. Given that India is still far from being a cash less society, the cash-in/cash-out arrangements in these models play an important part for scaling up. This can happen only if banks and mobile operators/card issuers work together as partners. It is gratifying to note that the high level of Inter-Ministerial Group anchored by the Department of Information Technology, Government of India that went into the issue, after extensive discussions, have reached more or less the same conclusion.GOI has consequently appointed various committees to address issues pertaining to provision of prioritized services for mobile banking transactions and pricing of such services. 15. The recent relaxations contemplated in enabling mobile operators as BCs of banks should give a further fillip to these efforts. 16. It has to be appreciated that in India, unlike in Kenya and Philippines, there are a number of MSPs and a huge base of mobile subscribers. To have an efficient mobile based payment and remittance system would require inter-MSP payment services. This inter-operability is an important criterion for any payment product to be successful and acceptable. Facilitating this would require the setting up of a clearing and settlement arrangement for such non-bank operators. Such clearing and settlement arrangements could have systemic implications. This is where the facility being inaugurated today by the NPCI is filling an important pre requisite for the product to scale up. 17. RBI has permitted 40 banks to do mobile banking and the customer base availing of mobile banking facilities as on September 30, 2010 stands at 8.87 lakh as compared to 6.16 lakh as at the end of August 2010. During September, 2010, 4.9 lakh transactions of value Rs. 44 crores were carried out using this mode of payment both for transfer of funds and purchase of goods and services. Concluding thoughts : 18. While the growth of mobile payments has been rapid, it is far from becoming an important source of financial inclusion. This in my view calls for two important facilitations. One, partnership rather than competition among the stake holders, importantly mobile companies and banks and two, a ubiquitous switch for enabling interbank p to p and p to b payments. While we are working towards achieving the first facility, NPCI has taken the important step of enabling the second important facility. 19. The Interbank Mobile Payment Services (IMPS) provides an inter-operable infrastructure to the banks for enabling interbank real time funds transfer transactions. What may be one of its strongest points, IMPS rides on the existing NFS Interbank ATM transaction switching infrastructure and message format

and hence easy for banks to adopt. It has the potential for the wide reach across the country when all NFS member banks adopt this service and promote this service aggressively. 20. Alongside this, with the recent relaxations in the BC guidelines, I believe that all the building blocks are in place. Now it is entirely up to the various stake holders to take the product forward. More importantly, what has been facilitated by NPCI today can be construed as yet another step towards achieving its stated vision of becoming a true umbrella organisation for retail payments in this country. I hope NPCI will continue to show equal enthusiasm in commissioning and completing other important projects like the cheque truncation and the much awaited India Card. 21. I too join Mr Balachandran in congratulating the IBA, entire NPCI team and all others who have contributed to the roll out of this product. I wish the NPCI success in all their endeavors.

Seven Indian Banks Launch P2P Interbank Mobile Payments; How It Works The National Payment Corporation of India, on November 22nd 2010, launched Interbank Mobile Payment Service (IMPS) in India, with seven Banks enabling transfer of funds using mobile phones. The participating banks include some of the largest banks in India: State Bank of India, ICICI Bank, Union Bank of India, Bank of India, Yes Bank, Axis Bank and HDFC Bank. The IMPS service will operate as back-end for the banks allowing them to offer a real-time money transfer facility to customers. Interbank money transfer via mobile phones holds much promise of being the system that will push up usage of mobile payments in India, and bring draw more Indians into the banking system. So far, Mobile payments have failed to take off in India: according to a speech given by RBI Deputy Governor Shyamala Gopinath, despite 40 banks being allowed to do mobile banking, Indias mobile banking customer base was 0.887 million at the end of September 30th 2010, albeit, up from 0.616 million at the end of August 2010. India reported 0.49 million transactions of value Rs. 44 crores for September 2010, which works out to an average of Rs. 897.95 per transaction. Gopinath didnt mention the median transaction size, but frankly, the lower the average and the median transaction size, the better: for us, it would serve as an indication that mobile payments are being used for everyday payments. So far, it doesnt appear to be the case. The customer base is still very small. Details of Interbank Mobile Payments, from NCPIs website: - Need A Bank Account: Both the sender and receiver needs to have a bank account, with any of the seven banks that are participating in IMPS. The sender needs to enroll for Mobile Banking Service with the bank. - Mobile Money ID: The recipient needs to register his mobile number with the bank where the account is maintained, and have a valid Mobile Money ID (MMID). The Mobile Money Identifier (MMID) is a seven digit random number issued by the bank

upon registration, and a customer can have more than one account linked to the mobile number each account will have a separate MMID. - Cost: Till 31st March 2011, NPCI will be providing the service to the member banks free of charges, after which there will be a switching fee of Rs. 0.25 per transaction. The banks may levy a fee over and above this, which is probably going to determine whether its worth it for customers to use the mobile payments service or not. - Real Time? According to IMPS, the funds should be transferred within 15-30 seconds. - Medium: Its up to banks to choose their medium SMS, USSD, mobile application etc, as long as they stick to RBIs mobile banking guidelines - How to transfer:

Step 1: Remitter sends instruction from his/her mobile through his/her bank provided application or SMS. The remitter can only use a registered mobile number for remitting. Step 2: Remitting bank validates the details of the remitter and debits his/ her account. This transaction is sent by the remitting bank to NPCI. Step 3: Transaction is passed by NPCI to the beneficiary bank. Beneficiary Bank validates the details of the beneficiary customer, credits the account, sends confirmation NPCI about transaction status and sends a sms to the beneficiary customer informing him of the credit. Step 4: NPCI sends the transaction status to remitting bank which in turn informs the status of the transaction to the Remitter.

Step 5: Remitting bank send a sms confirmation of the transaction to the remitting customer. Note that if either the MMID, the registered mobile number or MPIN is incorrect, the transaction will be declined. If the transaction is not completed, the reversal of the remitters funds will happen immediately, or in case of reconciliation delays, the next working day. - Transaction limits: same as that for mobile payments a daily cap of Rs. 50,000 per customer per day for fund transfer and purchase of goods and services for encrypted transactions, and Rs. 1000 for transactions without end-to-end encryption. Until the launch of IMPS, Banks were using the NEFT service, wherein transactions are processed and settled in batches, and only during working hours of the RTGS system. Whats particularly interesting is that IMPS rides on the existing Interbank ATM transaction switching infrastructure and the message format, which has 51 member banks. Perhaps we should expect more banks to adopt IMPS? Inter-Mobile Operator Payments Next? In her speech, Gopinath also said that while India has adopted a bank-led model for mobile payments, there is need for mobile operators and banks to partner, rather than compete. Because India, unlike in Kenya and Philippines, has a number of mobile service providers (MSPs) and a huge base of mobile subscribers, To have an efficient mobile based payment and remittance system would require inter-MSP payment servicesFacilitating this would require the setting up of a clearing and settlement arrangement for such non-bank operators, she said. Gopinath believes that the IMPS system is a an important pre requisite for the product to scale up (to allow Inter Mobile Operator Payments), given that Bharti Airtel has already received a prepaid cards license, and another telecom operator (Vodafone, is our guess), has an application pending. One problem Frankly, the number of numbers to remember is a big issue. For banking transactions, now youll need to remember an MMID, MPIN, apart from an IPIN for Internet banking, and a PIN number for ATM transactions. If technology is meant to make the medium of accessing services irrelevant, and the services themselves ubiquitious across platforms, then why cant there be a ubiquitous PIN as well? This IMPS service is currently available for Funds Transfer between ICICI Bank and the following Banks:

Allahabad Bank Andhra Bank Axis Bank Bank of Baroda Bank of Maharashtra Bank of India BNP Paribas Bassein Catholic Co-op Bank

IDBI Bank Indian Bank Indian Overseas Bank IndusInd Bank ING Vysya Bank

State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank

Jammu & Kashmir Bank Tamilnad Mercantile Bank Janata Sahakari Bank, Pune Karnataka Bank The A P Mahesh Co-op. Urban Bank Ltd The Greater Bombay Cooperative Bank LTD The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) The Thane Janata Sahakari Bank Ltd UCO Bank (UCO) Union Bank of India

Canara Bank

Karur Vysya Bank

Catholic Syrian Bank Central Bank of India Citibank

Kotak Mahindra Bank Lakshmi Vilas Bank Oriental Bank of Commerce

Corporation Bank Dena Bank Development Credit Bank

Punjab and Maharashtra United Bank of India Co-operative Bank Punjab National Bank Saraswat Bank Vijaya Bank Yes Bank

Dhanlaxmi Bank Dombivli Nagari Sahakari Bank Ltd (DNSB) Federal Bank

South Indian Bank Standard Chartered Bank State Bank of Bikaner and Jaipur State Bank of Hyderabad

HDFC Bank

The following is the list of participating banks on IMPS payments using IFSC.

A P Mahesh Co-op Urban Bank Andhra Bank Axis Bank Bank of Baroda Bank of India Bassein Catholic Cooperative Bank BNP Paribas

HSBC Bank ICICI Bank IDBI Bank Indian Bank IndusInd Bank Ltd.

State Bank of Hyderabad State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore

ING Vysya Bank Limited Syndicate Bank Jammu and Kashmir Bank Janata Sahakari Bank Ltd., Pune Karur Vysya Bank

Tamilnad Mercantile Bank The Cosmos Co-operative Bank The Greater Bombay Co-op Bank

Canara Bank

Central Bank of India

Citi Bank Corporation Bank Dena Bank Development Bank of Singapore (DBS) Development Credit Bank Dombivli Nagari Sahakari Bank Federal Bank HDFC Bank

Kotak Mahindra Bank NKGSB Co-op Bank Oriental Bank of Commerce

The Mehsana Urban Cooperative Bank The Nainital Bank Pvt Ltd The Thane Janata Sahakari Bank Ltd.

Punjab and Maharashtra UCO Bank Co-op Bank Punjab National Bank Saraswat Co-operative Bank South Indian Bank Ltd Union Bank of India United Bank of India Vijaya Bank

State Bank of Bikaner & Yes Bank Jaipur

Features Available Under IMPS Features Available Under IMPS Features Available Under IMPS IMPS Funds Transfer offers an instant, 24X7, interbank/intrabank electronic fund transfer service from one account to another account through mobile phones. IMPS Funds Transfer facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features. The key features of IMPS Funds Transfer are as follows: 1. Instant Funds Transfer 2. 24*7*365 availability 3. Credit and debit confirmations to sender and receiver 4. Simple & Easy to use 5. Fast, inexpensive, safe & secure, accessible Now IMPS can be classified as follows 1. IMPS funds transfer Person to Person(P2P) Using Mobile Number and MMID 2. IMPS funds transfer Person to Person(P2P) Using IFSC and Account Number. 3. IMPS Merchant payment Person to Merchant(P2M).

Customer has to register his mobile number for SMS/Mobile Banking and he has to get the MMID( 7 Digit Code issued by the Bank) and can initiate the transaction from his mobile by knowing the beneficiary mobile number, beneficiary MMID. Customer can also make the transaction using beneficiary IFSC and Beneficiary Account Number. Currently our Bank is supporting these channels for doing IMPS funds transfer i.e. SMS, Mobile Application, USSD, Internet Banking. Currently, IMPS Person-to-Person funds transfer requires the Remitter customer to make funds transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary need to register their mobile number with their respective Bank and get MMID, in order to send / receive funds using IMPS. There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary mobile number is not registered with the Bank account. In such cases, Remitter shall not be able to send money to the Beneficiary. As per the feedback received from banking community, the IMPS funds transfer shall now be possible using Beneficiary account number and IFS code (P2A) as well, in addition to Beneficiary mobile number and MMID. Initially IMPS was available only for transfer of funds from person to person. NPCI thought of extending the service for making Merchant payment also. Customer can make payment to any kind of merchant using IMPS merchant payments service: 1. Mobile top-up / DTH top-up 2. Insurance premium payment 3. Online shopping 4. Over-the-counter payments 5. Fees payments to schools / colleges / universities 6. Utility Bill payments 7. Travel & Ticketing. Below we have given the details instruction for doing IMPS through SMS mode, Mobile App, USSD and Internet banking. IMPS Person To Person using Mobile Number and MMID IMPS DebitAccountNumber BeneficiaryMobilenumber Beneficiary MMID Number Amount 4 Digit SMS PIN Remarks (optional) For Eg: Syntax looks like below IMPS 016253 9902787878 9229864 100 5245 Test Here 016253 is the last six digit of the remitter account number. Here 9902787878 is the beneficiary Mobile Number. Here 9229864 is the Beneficiary MMID.

Here 100 is the Amount. Here 5245 is the 4 Digit PIN. Here Test is the remarks. Send it to Banks long code - 9243717778 or short code number - 5667716

Branches | Performance Highlights

Mobile Banking Service HOME Immediate Payment Service (IMPS)

Now you can send/receive money using mobile number and an additional 7 digit MMID number. The benefits are multiplei. ii. No need to register the payee/beneficiary. Transfer of funds is real time i.e. the credit will hit beneficiarys account almost instantaneously.

Only Mobile Banking customers can remit money under IMPS. However, all customer can receive funds in their accounts using this Service.

If you wish to receive funds through IMPS, please register your mobile number with th Bank and get 7 digit MMID. For receiving remittance, you will share your mobile numb and MMID with the person sending money (remitter).

Key Benefits and Features

IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for

accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features.

Mobile Banking Help Desk Number & e-mail ID: Mobile Banking Help Desk TOLL FREE no: Mobile Banking Help Desk Land Line no: Mobile Banking Help Desk e-mail id: 1800- 180 4031 05946 250152

mbshelpdesk@nainitalbank.co.in

MOBILE BANKING SERVICES (IMPS) APPLICATION FORM: Click here to download

FAQs on IMPS for Customers

PARTICIPATING BANKS An updated list of participating Banks is available under NPCI website -http://www.npci.org.in/bankmember.aspx. IMPS: Transferring money through mobile is simply advantageous

Ads not by this site Interbank Mobile Payment Service (IMPS) is an instant way to transfer funds through mobile phone. It is a simplified way to make payment of bills and transfer funds. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features. In India, money can be transferred by NEFT and RTGS, but not via mobile like IMPS. NEFT, RTGS are not real time transactions as they are processed and settled in batches. The service has been developed by National Payments Corporation of India (NPCI), a section 25 company formed by Reserve Bank of India (RBI) and Indian Bankers Association (IBA). Benefits of using IMPS

Instant money transfer Internet connection not required Money can be transferred irrespective of holidays, timings. No disclosure of bank account details Time consumption is less when compared to NEFT, RTGS.

Objectives of IMPS:

To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds Making payment simpler just with the mobile number of the beneficiary

To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner To build the foundation for a full range of mobile based Banking services.

Registration for Sender: 1. Register yourself for mobile banking service with bank 2. Get Mobile Money Identifier (MMID) and MPIN from the bank 3. Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS Registration for Beneficiary: 1. Link your mobile number to the account in the respective bank. No need to register for mobile banking service. 2. Get Mobile Money Identifier (MMID) from the bank 3. To Send Money through IMPS: 4. Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS 5. Get Beneficiary Mobile number and MMID 6. Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send 7. Await confirmation SMS for the debit in your account and credit in beneficiary account 8. Note the transaction reference number for any future query. To receive money through IMPS : 1. Share your Mobile number and MMID with the sender 2. Ask the sender to send money using your Mobile number and MMID

3. Check the confirmation SMS for credit to your account from the sender 4. Note the transaction reference number for any future query *Mobile Money Identifier (MMID) is a seven digit random unique number issued by the bank upon registration. Sender and Beneficiary should have this MMID before transferring funds. Transaction charges and limit Transaction charges are applicable as per respective banks. As per RBI, the customer has the facility to a daily cap of Rs. 50,000/- per customer overall for transactions through mobile. End-to-end encryption relaxed for transactions up to Rs.1000/- for small value transactions. Click here to know banks offering mobile money transferring service GoodReturns.in