Interbank Mobile Payment Service

Interbank Mobile Payment Services

Objectives
Enable a new 24 * 7 payment delivery channel Transfer of funds through beneficiarys 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

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

Transaction flow
REMITTING BANK
Bank Switch

NFS DATA CENTER

National Financial Switch

BENEFICIARY BANK
Bank Switch

6 4

1
REMITTER

3 2

BENEFICIARY

Core Banking System

Core Banking System

The cutover happens at 23:00. The interbank settlement is done through CCIL on a daily basis.

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

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

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 (FIUIND)

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

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.

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

Visit us at: www.npci.org.in

We would want to hear from you

Sachin Tiwari +91 810 810 8666 sachin.tiwari@npci.org.in