TRANSFER OF MONEY THROUGH MOBILE PHONES
Till now, the transfer of money through mobile phones were only allowed if both the sender and the receiver both held accounts with the same bank.Â In a new service that is set to revolutionize the retail money payment sector in India. Consumers will now be able to transfer money from their accounts to any other account in the country using their cellphones via the National Payment Corporation of Indiaâ€™s(NPCI) Inter-bank Mobile Payment Service(IMPS).
The NPCI is the umbrella organization for all retail payment systems in the country owned and operated by banks. Seven banks, including HDFC,ICICI,AXIS and SBI have gone live with the system. Seven more banks are in the process of activating the service and 22 others are expected to join the network soon.
The major advantage of IMPS is that a customer will not have to use a computer or an internet enabled phone for the money transfer. It is Indiaâ€™s first instant, real time, 24×7 fund transfer facility in the retail payment sector. Â Both the receiver and sender should have mobile numbers and hold accounts with their banks. They will both have to register with their banks to secure a 7-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 payeeâ€™s account in real time. After the transaction is over, the payer and payee receive SMS confirmations on their mobile phones. According to RBI guidelines, using this service, a consumer is allowed to carry out a transaction of not more than Rs. 50,000 per day.
The mobile phone user will have to download the mobile banking application on his instrument to remit money. Even low-end phones will be able to undertake this transfer either through download, Bluetooth or by making a simple application at the nearest branch of the bank.
HOW TO ACTIVATE YOUR CELL
- Register your mobile number in your account with the bank
- Get your MMID and MPIN
- Download and activate mobile banking application on mobile
- Open the mobile banking application
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