With Mobile Remittance Service, it now becomes easy to make seamless and real-time money transfer from your bank account to another. Whether you want to make payment for your taxi fare, or pay your laundry bills, you can simply use the Interbank Mobile Payment Service (IMPS)!

With 600 million mobile subscribers and 300 million bank accounts* in India, the current Deputy Governor of Reserve Bank opines that IMPS will change the “retail payment landscape” in India. However, some other finance pundits also believe that the real power of Mobile Remittance Services would begin when the rural areas would start using these services.

To use the IMPS, you need to have a personal mobile connection and a bank account. You have to get your mobile money ID (MMID) from your bank, which will serve as the ID or PIN for your mobile-commerce transactions. Your bank will then install a special application on your mobile phone, from where the remitting will be done.

 

 

* Source: The Economic Times