What is Mobile Money?
Mobile payment is completely a different domain and generally refers to payment of services operated under financial regulation and performed from or via a mobile device. It is also referred to as mobile money, mobile banking, mobile money transfer and mobile wallet. Mobile payment is an alternative payment method. Instead of paying with cash, check, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods such as:…
IMPS – Interbank Mobile Payment Service
1. What is IMPS? Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds therefrom. 2. Presently, how are interbank fund transfers made using mobile phone? Various banks are providing remittance facility through their mobile banking platforms. The interbank remittance request initiated from a mobile is processed by the beneficiary bank as a National Electronic Fund…