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

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 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