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Interoperability. Concept . Ability to send money from one mobile number to another mobile number P2P money transfers Small value merchant payments . Standards document was circulated, with broadcast being the key method. Customer. Customer. Bank 4. Bank 3.
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Concept Ability to send money from one mobile number to another mobile number • P2P money transfers • Small value merchant payments
Standards document was circulated, with broadcast being the key method Customer Customer Bank 4 Bank 3 Beneficiaries mobile number, amount Bank 2 Broadcast with the correct bank responding MPP MPP Bank1 Switch / settlement agency Bank Bank Customers account CBS Customers account CBS Each mobile number will be linked to a bank account
Standards document circulated, but one change has been made Customer Customer Beneficiaries mobile number, BIN + MAS, amount MPP MPP Switch / settlement agency Bank Bank Customers account CBS Customers account CBS Each mobile number will be linked to a bank account
Advantages of new method • Much more efficient system as all banks will not work to locate the customer of one bank • Able to pinpoint one account as opposed to a “default account”
Pilot phase: Update • 6/ 7 banks will participate in the pilot phase • Phase 1 likely to be P2P payments only • NPCI will be ready with architecture as per documentation by April 30 • 6-7 banks will participate in the pilot • Standards will be documented on the basis of the pilot by IIT Madras • Pilot phase launch likely in May / June • Commercial launch 6 months later
