m-Pesa starts inter-bank money transfer service

m-Pesa starts inter-bank money transfer service
Site Administrator

Editorial Team

27 Mar, 2014

1305 Times Read.

Banking, Economy, New Missions / Initiatives / Achievements,

RSS Feeds RSS Feed for this Article

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.

The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.


Responses on This Article

© Nirdeshak. All rights reserved.