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Interbank Mobile Payment Service

Interbank Mobile Payment Service. Instant!!!! ^. Interbank Mobile Payment Services. Objectives. Enable a new 24 * 7 payment delivery channel Transfer of funds through beneficiary’s m obile number Easily adaptable for merchant payments Financial inclusion through mobile phones

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Interbank Mobile Payment Service

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  1. Interbank Mobile Payment Service

  2. Instant!!!! ^ Interbank Mobile Payment Services

  3. Objectives • Enable a new 24 * 7 payment delivery channel • Transfer of funds through beneficiary’s mobile number • Easily adaptable for merchant payments • Financial inclusion through mobile phones • NPCI to act as a central routing agency This service to prove foundation for all future mobile enabled banking services

  4. Customer Registration • Beneficiary • Register his / her mobile number with the bank account and get MMID • Remitter • Register for mobile banking and get MMID & MPIN MMID is a 7 digit random number, to be issued by the bank to the customer upon registration • To support multiple accounts per mobile number • To eliminate human errors while entering the beneficiary mobile number • To enable routing of transactions to the beneficiary banks

  5. Transaction flow REMITTING BANK NFS DATA CENTER BENEFICIARY BANK The cutover happens at 23:00. The interbank settlement is done through CCIL on a daily basis. National Financial Switch Bank Switch Bank Switch 7 9 8 6 4 1 3 REMITTER BENEFICIARY 2 5 Core Banking System Core Banking System

  6. Amount Limits With end to end encryption: • A daily cap of Rs. 50,000 per customer per day for both, fund transfer and transactions involving purchase of goods and services Without end to end encryption: • Transactions up to Rs. 1,000 can be facilitated

  7. Membership • All existing National Financial Switch members • New members to be a Type-A RTGS member • Readiness to contribute to Settlement Guarantee Fund (Min Rs. 5 lacs) towards Net Debit Cap

  8. Compliance All the participant institutions should comply with : • Guidelines on Risks and Controls in Computers and Telecommunications • KYC and AML Guidelines • Guidelines on Outsourcing • Guidelines on use of Business Correspondents • Reporting of Suspicious transactions to Financial Intelligence Unit (FIU-IND)

  9. Fees to be charged Transactions • No fees is charged in Pilot • Post the Pilot, Rs. 0.25 per successful transaction • For the initial one year, no fee shall be levied on unsuccessful / failed transactions • No fee will be charged on verification requests Settlements • Rs. 200 per day per bank per settlement payable to CCIL until NPCI becomes a Type-D RTGS member

  10. Banks offering IMPS • State Bank of India • ICICI Bank Ltd • Union Bank of India • Bank of India • Yes Bank Ltd Axis Bank Ltd has completed the testing and certification. Expected to go live in this week itself.

  11. Benefits • Instant interbank fund transfers • First of its kind • Transact 24 X 7 • Simple and easy to use • Time and cost saving • Safe, secure and state-of-art technology • Interoperability

  12. Visit us at: www.npci.org.in

  13. We would want to hear from you Sachin Tiwari +91 810 810 8666 sachin.tiwari@npci.org.in

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