Interbank Mobile Payment Service
Interbank Mobile Payment Services
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
9
REMITTING
BANK
NFS DATA
CENTER
BENEFICIARY
BANK
Bank
Switch
National
Financial
Switch
Bank
Switch
1
REMITTER
8
3
2
Core Banking
System
6
7
4
5
Core Banking
System
The cutover happens at 23:00.
The interbank settlement is done through CCIL on a daily basis.
BENEFICIARY
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 (FIUIND)
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
We would want to hear from
you
Sachin Tiwari
+91 810 810 8666
sachin.tiwari@npci.org.in