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Updated: NPCI Extends Interbank Mobile Payments Service To Merchants

Updated below Interbank Mobile Payments Service (IMPS), the payment platform launched by National Payments Council of India (NPCI) in collaboration with its member banks, has now extended the service to merchant payments, enabling mobile banking customers to make payments to merchants and enterprises through this payment mode. This follows a six-bank pilot launched by the organization in June 2011, when it had received the approval of the Reserve Bank of India to offer person-to-merchant and merchant-to-merchant transactions. Back then, 21 banks had joined the initiative, but during the course of the year, the number seems to have risen to 50 banks. Participating Banks: The organization states that seven Update: Eight member banks of NPCI including State Bank of India, Union Bank of India, Canara Bank, ICICI Bank, Kotak Mahindra Bank, HSBC Bank, Standard Chartered Bank, and Yes Bank have already enabled the IMPS merchant payments service and five banks including Axis Bank, Federal Bank, Dombivli Nagari Sahakari Bank, Corporation Bank and Greater Bombay Bank are in the process of getting the service enabled and is expected to offer the service shortly. Eight banks including ING Vysya Bank, HDFC Bank, Citi Bank, IDBI Bank, Andhra Bank, Karur Vysya Bank, Oriental Bank of Commerce and Bank of Baroda are in development phase of introducing the service. Services Offered: In June 2012, IRCTC had integrated IMPS to its railway ticket booking system and four banks including State Bank of India, Union Bank of India, Canara Bank and Kotak Mahindra Bank had enabled this service, as per an email sent out by the organization. However, the service also included an additional…

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