Empays Payment System India Pvt Ltd, which has set up a Multi- Bank Payment system using the Instant Money Transfer System (IMT) along with Axis Bank last year, has received an approval from India's Based on Foreign Investment Promotion Board (FIPB) for raising Foreign Direct Investment (FDI) of Rs. 27.50 crore (approximately $4.47 million at current rates) to further its IMT services. Instant Money Transfer (IMT) is a mobile based domestic remittance service which allows a banks customers to transfer money to any recipient, on the basis of their mobile number. The recipient can then withdraw money from any ATM. irrespective of whether he has an Axis bank account or not. In September 2010, Empays had launched the service with Axis Bank. At the time of writing this story, the company's website appeared to be down, but an AngelList page for the company states that the company was funded by Axis Bank. According Axis Bank's website, the amount of cash that can be sent through IMT is limited Rs. 10000 per transaction and the receiver limit is set at Rs 25000 per month. Although the system is supposed to allow receivers without an Axis bank account to receive cash, it still requires them to submit documents, as per the KYC norms. They are also required to register their mobile numbers with the bank. In December 2010, Idea Cellular had signed up as a Business Correspondent for Axis Bank, to use its telecom network to enable branchless banking, and enable mobile payments and remittances. The pilot project for this was…
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