m-Pesa starts inter-bank money transfer service

m-Pesa starts inter-bank money transfer service
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27 Mar, 2014

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IMPSMobile Commerce Solutions Ltd (MCSL), a pre-paid/remittance provider with the m-Pesa platform, during March 2014 started an all-India inter-bank money transfer service by joining hands with the Immediate Payment Service (IMPS) of National Payments Corporation of India (NPCI). With this tie-up, an MCSL (m-Pesa) user can send money to customers of any IMPS-enabled bank using NPCI’s remittance platform

What is m-Pesa?

m-Pesa is a mobile-phone based money transfer and micro-financing service that originated in African countries like Tanzania and Kenya. It is now known as the most developed mobile payment system in the world. M-Pesa was launched in India in November 2011 as a close partnership with the HDFC Bank. Later telephone service operator Vodafone became partner in this initiative and it partnered with ICICI Bank to provide a secure and convenient way to transact through mobile phones.

What is NPCI?

National Payments Corporation of India (NPCI) is the umbrella organisation of all retail payment systems in India, set up with the support of the Reserve Bank of India and Indian Banks’ Association.

What is IMPS?

Immediate Payment Service (IMPS) is a remittance processing platform offered by NPCI that offers instant, 24X7, electronic funds transfer through mobile, Internet or ATM between banks and pre-paid providers. IMPS is considered one of the latest technologies in account-to-account remittance and mobile payment space, which is enabled across almost all public and private sector banks. Currently there are 60 banks and five pre-paid service providers as members of IMPS and many more are in the testing stage.

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