Believe it or not, this revolutionary service is not some future plan, it’s the reality now!
As of now, seven banks including HDFC, ICICI, AXIS and SBI have gone live with the system and several more to join soon.
This is facilitated by National Payment Corporation of India's (NPCI) Inter-bank Mobile Payment Service (IMPS). India is the world's fastest-growing mobile market and adds 15 to 20 million new cellular users every month. The country, with a population of over 1.2 billion, already has over 600 million mobile connections.
This is another great step in widening access to banking in India, after VISA’s announcement for offering payment cards to all registered under UIDAI. With fund transfer via mobile, physical proximity of banks is no longer a bottleneck in promoting transactions through banks. So this is another big progress towards preparation of Arthakranti proposal’s implementation…cheers!
Check news -
1) Economictimes.indiatimes.com:Now, transfer funds to any bank via mobile
