According to the source, PayMate’s application has gone live at three local financial institutions, including Syndicate Bank, Lakshmi Vilas Bank and South Indian Bank. PayMate’s IMPS application is a hybrid SMS-IVR-based offering that is expected to allow mobile phone users to transfer funds up to Rs. 50,000.
Currently, the Reserve Bank of India has allowed 39 banks to launch mobile banking services and has recently raised the limit for the amount which can be paid via mobile phones to Rs. 50,000, the source reports.
The IMPS is an application designed to enable users to perform account-to-account money in India using their mobile devices. The NPCI is the umbrella organization for all retail payment systems in India owned and operated by banks. In September 2010, seven India-based financial services providers have made the IMPS service available for their customers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now