wordpress blog stats
Connect with us

Hi, what are you looking for?

Atom Technologies Launches IMPS Service For Its Merchants

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.

Advertisement. Scroll to continue reading.

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.

Related:

NPCI Launches RuPay Debit Cards; Challenges
– NPCI Wants To Make Mobile Payment Platforms Inter-Operable
– DoT Allocates USSD Code For NPCI Mobile Payments
– IMPS To Pilot Merchant Transactions; Should Not Increase Rates
– Why Are Banks Not Promoting The IMPS Money Transfer Service?

IMPS Reports 35.51M Mobile Money IDs, 44 Banks; Just 34,084 Transactions In June 2012
– IMPS Reports 34.94M Mobile Money IDs, 43 Banks; Just 31,553 Transactions In May 2012
– 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

Advertisement. Scroll to continue reading.
Written By

Werner Egipsy Souza, has worked across both rural and urban geographies, across India, hence there is a keen interest to develop solutions around improving quality of life, where key day to day problems in the Indian subcontinent, such as potholes, mobile phone non-voice communication are addressed.

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

Views

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...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

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...

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

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