Fund transfer facility using mobile phones called Interbank Mobile Payment Service (IMPS) is now going to be implemented by twelve more banks in India by the end of this financial year. So far the process has been brought into implementation by 13 banks.
"The switching service of mobile payment transactions across banks is currently provided by the National Payment Corporation of India (NPCI) and Settlement of funds is by the Clearing Corporation of India Limited (CCIL). IMPS is offered by 13 Banks and 12 more are expected to offer the same by the end of March 2011," reported the Mobile Payment Forum of India (MPFI).
MPFI is the outcome of a joint initiative by RTBI (Rural Technology and Business Incubator) of IIT-Madras and IDRBT (Institute for Development and Research in Banking Technology).
The service now comes free of cost but is soon to be charged by 10paise per transaction.