India: NPCI launches IMPS Merchant Payments service

Thursday 13 September 2012 10:29 CET | News

The National Payment Corporation of India (NPCI) has launched a value added service dubbed IMPS Merchant Payments as part of its Interbank Mobile Payment Service (IMPS) to enable mobile banking customers to make payments to merchants via mobile phones.

With IMPS Merchant Payments, merchants can receive payments from customers through different channels. IMPS can be integrated with merchant website. Merchants can integrate IMPS with their mobile application or mobile site and provide services to customers. In addition, merchants can integrate payment facility with their call center through IVR so that customers can place order and make payment via IMPS.

Using IMPS, customers can transfer money from one bank account to another provided that both sending and receiving banks are IMPS member banks. Additionally, IMPS supports channels including mobile banking, internet banking and ATM. For IMPS transactions, NPCI provides the central switching, clearing and settlement service.

The National Payments Corporation of India (NPCI) is the umbrella organization of retail payment systems in India and is set up by the banks in India with the support and guidance from Reserve Bank of India and Indian Banks’ Association. The organization builds central infrastructure for payment systems including ATM switching, mobile payments, cheque truncation system, POS switching, 24/7 remittance system and financial inclusion transactions.

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Keywords: NPCI, IMPS, mobile banking
Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce