Indian payment services provider atom technologies, a subsidiary of Financial Technologies (India) Limited, has introduced Interbank Mobile Payment Service (IMPS) to its service, enabling merchants to make Interbank payments on their mobile phones. The company has partnered with Yes Bank for this initiative.
Clientele: While the financials details of the deal remained undisclosed, Atom technologies stated that some of its clients will be integrating IMPS operations through this initiative. These include companies like Reliance Energy (through IVR), Next Retail India Limited, Univercell Telecommunications India Private Limited, Ferns N Petals and Annamalai University among others.
Previous Developments: In September 2012, Dish TV had introduced a new recharge option through Interbank Mobile Payments Service (IMPS), allowing Dish TV customers to use the service through the company’s mobile application, Dish TV website and Interactive voice response (IVR). The company had tied up with Yes Bank for this initiative, and the company had stated that any Dish TV subscriber who has an account with any of the banks that supports IMPS merchant payments, can utilize the service.
Prior to this, IRCTC had integrated IMPS to its railway ticket booking system in July 2012 and four banks including State Bank of India, Union Bank of India, Canara Bank and Kotak Mahindra Bank had enabled this service back then, as per an email sent out by the organization. However, it was worth noting that the service included an additional step of one time password (OTP) to be generated by the bank separately for making payments.
Other IMPS merchants include OxiCash, mobile operators such as Tata Docomo, MTNL, Aircel, Loop Mobile, Idea Cellular, and BSNL, Internet service provider Tikona, and Airlines such as SpiceJet.
In September 2012, IMPS had also extended the service to merchant payments, enabling mobile banking customers to make payments to merchants and enterprises through this payment mode. National Payments Council of India (NPCI) which operates this service had claimed that eight of its member banks including State Bank of India, Union Bank of India, Canara Bank, ICICI Bank, Kotak Mahindra Bank, HSBC Bank, Standard Chartered Bank, and Yes Bank had enabled the IMPS merchant payments service, which seems to have increased now to 11 banks. The council also stated that four banks are currently in the testing phase of introducing the service while 18 banks are currently in the development phase of enabling the service.
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– IMPS Reports 35.51M Mobile Money IDs, 44 Banks; Just 34,084 Transactions In June 2012
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– April 2012: 34.54M IMPS Mobile Money IDs; 24,922 Transactions
– March 2012: 33.87M IMPS Mobile Money IDs; 30,137 Transactions
– February 2012: 33.53M IMPS Mobile Money IDs; 22,997 Transactions
– January 2012: 18.33M IMPS Mobile Money IDs; 19,101 Transactions
With Inputs From Vikas SN