Interbank Mobile Payment Service

Interbank Mobile Payment Services Instant!!!! ^

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

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 The cutover happens at 23:00. The interbank settlement is done through CCIL on a daily basis. REMITTER BENEFICIARY BANK NFS DATA CENTER REMITTING BANK Bank Switch National Financial Switch BENEFICIARY Core Banking System

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 (FIU- IND)

Fees to be charged Transactions  No fees is charged in Pilot  Post the Pilot, Rs 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

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