International Journal of Applied Research
Vol. 1, Issue 13, Part K (2015)
A conceptual research on impact of immediate mobile payment system/interbank mobile payment system (IMPS) on the upliftment of banking transactions in India
Currently majority of interbank mobile fund transfer transactions are channelized through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system.rnWith the above context in mind, NPCI conducted a pilot study on the mobile payment system with the banks like SBI, BOI, UBI and ICICI in August 2010. Also the banks like Yes bank, Axis and HDFC bank joined this league in the month of September, October and November 2010 respectively. Immediate Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.rnIMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS is an emphatic tool to transfer money instantly within banks across India through mobile, internet and ATM which is not only safe but also economical both in financial and non financial perspectives. The present paper focus on how the introduction of IMPS service has raised the number of banking transactions and to how far the use of mobile payment service is used by customers.
How to cite this article:
Vindhya KT. A conceptual research on impact of immediate mobile payment system/interbank mobile payment system (IMPS) on the upliftment of banking transactions in India. International Journal of Applied Research. 2015; 1(13): 709-711.