Monday, 6 February 2012

A cashless life to come soon!

The information given here is derived from the address by Managing Director of NCPI Mr A P Hota to SBI POs at State Bank Institute of Information and Communication Management on 4 Feb 2012

"Make a pan (Beetle Leaves and nuts) with extra Gulkun"
Panwala prepares the pan
"Take it sir"
"How much?"
"Rs 8"
You pay Rs 100 note.
"Sorry sir, I dont have change. Can you please credit to Mob No 9876543210, MMID 123456?"

Be prepared to face it. India is going to change, rural India is adopting cost effective convenient technologies. Get your mobile banking service soon, be registered for mobile payments and be sure you are not a financially illiterate in front of your Panwala or a Vegetable Seller. Now let us see how you can pay that Panwala. It is possible immediately within 30 seconds through Inter bank Mobile Payment Service (IMPS), a unique concept of mobile based account to account funds transfer, which is the brain child of National Payment Corporation of India- NCPI. Inter bank Mobile Payment Service enables one to send money to another bank account using the mobile number and MMID of the receiver. MMID is a unique number called Mobile Money Identifier given to every account holder having IMPS. So what you need to do is just open your mobile banking application, select fund transfer, then IMPS, enter the amount to be transferred, the payee's mobile number and his MMID. Confirm the payment using your PIN, within 30 seconds payee gets and SMS telling stating that he has got the credit in the account from you. The payments completed and you can walk away without arguing for changes of soiled noted.

The PoS payments in the rural areas could not penetrate much due to the cost involved in it. There are 225 million ATM cards are issued, where 90 million cards are issued by SBI alone. But the availability of PoS merchants is as less as 0.55 million. Merchant need to install a machine, and then he has to pay commission for every payment which ranges between Rs 1.20 to Rs 2.50. But the mobile payment system is absolutely free of charge. It can be even used for usual fund transfers. Advantages of IMPS are availability at 24x7x365 days irrespective of a bank holiday, no need to share your bank accounts with the person who sends the money, confirmation of the transaction to both the parties, hence fool proof. Many bank accounts can be linked to single mobile number using different MMIDs. MMID helps the error free transfer of money by matching with the mobile number. You can do a lot with IMPS viz mobile to mobile money transfer (don't get confused, both the parties should have a bank account), ATM to mobile money transfer, Merchant payments etc. This is the fastest inter bank fund transfer service available at present.

Visit National Payments Corporation of India (NPCI)to know more. To register to mobile banking and MMID contact your bank.

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