interbank mobile payment service. interbank mobile payment services instant!!!! ^
TRANSCRIPT
Interbank Mobile Payment Service
Interbank Mobile Payment ServicesInst
ant!!
!!^
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
1
2
3 4
689
5
7Bank Switc
h
Bank Switc
h
National
Financial
Switch
BENEFICIARY
Core Banking System
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. 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
