wordpress blog stats
Connect with us

Hi, what are you looking for?

NPCI Wants To Make Mobile Payment Platforms Inter-Operable

With the aim of integrating all mobile payment systems under one umbrella, the National Payments Corporation of India (NPCI) has sought for an approval from the Reserve Bank of India (RBI) to make the mobile payments services by telecom companies like Airtel Money and m-wallet services offered by banks, interconnect, reports PTI (via IBNLive). Interestingly, the NPCI intends to deploy a solution bridging the two platforms.

Presently, mobile payments services such as Airtel Money and ZipCash are restricted to semi-closed wallets which don’t allow money to be withdrawn from the wallet. Mobile operators acting as banking correspondents, need to enroll customers into no-frill accounts, and allow money transfer in particular remittance corridors, facilitating cash-outs for beneficiaries through service outlets. So it’s not that simple to transfer and cash-out money via mobile platforms.

The NPCI offers mobile money transfers on its Interbank Mobile Payment Service (IMPS) platform for 39 banks, however, participating Banks require customers to download their own mobile banking apps, in order to access IMPS. For example, ICICI Bank customers can only use IMPS through its iMobile app, whereas HDFC Bank customers need the NGPay app to avail the service.

So, if the two payment products are made inter operable, it could actually lead to more transactions on mobile, and give a boost to m-commerce, as merchant payments can also be integrated. However, we’re not sure if the RBI would be keen on allowing telcos to operate open wallets, since it could allow them to compete with banks at a certain level.

The NPCI is also reportedly in talks with e-commerce websites to allow customers to use IMPS as a payment method, entering their mobile numbers and MMIDs for completing transactions.

Advertisement. Scroll to continue reading.

With inputs from Shruti Shreya

Related:

– February 2012: 33.53M IMPS Mobile Money IDs; 22,997 Transactions
– January 2012: 18.33M IMPS Mobile Money IDs; 19,101 Transactions
– December 2011: 16.89M IMPS Mobile Money IDs; 15,759 Transactions
– November 2011: 16.04M IMPS Mobile Money IDs; 11,853 Transactions
– October 2011: 15.11M IMPS Mobile Money IDs; 12,511 Transactions
– September 2011: 14.97M IMPS Mobile Money IDs; 12,281 Transactions
– Poor Transaction Volumes Despite 14.31M IMPS Mobile Money IDs Issued In India
– July 2011: 11.70M IMPS Mobile Money IDs
– June 2011: 11.38M IMPS Mobile Money IDs; Transactions Decline Marginally
– IMPS To Pilot Merchant Transactions; Should Not Increase Rates
– Why Are Banks Not Promoting The IMPS Money Transfer Service?

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ