Users can dial *99# short code on their handset, which will allow banking customers to access banking services across all banks – irrespective of the telecom service provider, mobile handset or region. Users can perform Interbank Mobile Payment Service (IMPS) fund transfer through the service. NPCI is awaiting permission from RBI to enable other banking services like balance enquiry, mini statement and requests for cheque book.
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.
In recent news, 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.
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