Interbank Mobile Payment Service

Till now, interbank mobile payments were processed through NEFT and since NEFT is executed in batches, it was not real time.

Recently, Deputy Governor of Reserve Bank of India launched real time (or instant) Interbank Mobile Payment System. It is instant 24x7, interbank electronic fund transfer service through mobile phones. It provides customer facility to use his mobile phone as another channel to access and transfer his funds in a secured manner with immediate confirmation features.

Interbank Mobile Payment Service rides on the existing NFS interbank ATM transaction switching infrastructure and message format and therefore easy for banks to adopt.

The process requires one time registration for both remitter and beneficiary where they have to register their mobile number, bank account and get MMID and MPIN.

MMID is a 7 digit number to be issued by bank to customer upon registration. Customer has choice to map multiple account numbers per mobile number. This is to avoid human error while transferring money and for transaction routing through NPCI.

Remitter will use initiate transaction using Beneficiary Mobile number, Beneficiary MMID and amount.

The remitter bank will :

a) verify remitter mobile number
b) MMID verification
c) MPIN validation
d) Remitter a/c identification
e) Debit to the remitter a/c
f) Generate and send transaction to NPCI
g) SMS confirmation to remitter

The beneficiary bank will:

a) verify b mobile number
b) Beneficiary a/c identification
c) Credit to beneficiary a/c
d) Generate and send transaction response
e) SMS confirmation to the beneficiary

There is per day limit on transactions depending on level of encryption. It is one more positive step towards financial inclusion.