MOBILE MONEY IDS BY BANKS CROSS 10 LAKH

The total number of Mobile Money IDs (MMID) issued by banks have crossed the 10 lakh mark in the very first month of the launch of Interbank Mobile Payment Services (IMPS) , according to National Payments Corporation of India (NCPI).

IMPS is India's first instant, real-time, 24/7 fund transfer facility in the retail payment sector. It was launched by NPCI last month. Until then, the transfer of money through mobile involving accounts of two different banks was not possible on a real-time basis. Real-time money transfer was possible only if the sender and receiver maintain the accounts with the same bank.

The service was launched on November 22 and by the end of the month, the number of ids had hit the 10 lakh mark. At present, Axis Bank, Bank of India, HDFC Bank, ICICI Bank, State Bank of India, Union Bank of India, and Yes Bank are offering this service.

Seven other major banks are in process of going live on IMPS and another 22 banks are in preliminary phase of joining the service.

SOURCE: http://www.business-standard.com/india/news/mobile-money-ids-by-banks-cross-10-lakh/118452/on