Kotak Mahindra Bank (KMBL) launched Interbank Mobile Payment Service (IMPS) for its customers. Customers will enjoy 24×7 instant funds transfer, thereby enabling the beneficiary to avail of the credit immediately.
KMBL is among leading Indian banks that offer this service, which is powered by National Payment Corporation of India (NPCI), Mumbai. NPCI is the umbrella organization for all retail payment systems in India and governs the modalities of the IMPS payments.
In order to send money using IMPS, the sender needs to log into the Kotak mobile banking application, enter the mobile number and the Mobile Money Identifier (MMID) of the beneficiary along with the amount to be transferred. The beneficiary gets the credit instantly. MMID is a 7-digit code issued by the bank which along with the mobile number will identify the customer’s bank and account number. To receive money using IMPS, the customer needs to share the mobile number registered with the bank along with the MMID for the account in which he/she wishes to receive money. Currently, customers can enjoy the service with only those banks that are participating in IMPS.
Shalini Mehta, Executive Vice President, Kotak Mahindra Bank said, “IMPS is India’s first instant, real-time, 24×7 funds transfer facility in the retail payment sector. With the explosion of mobile penetration in the country, this service is set to benefit all banking customers at large. The service is very easy to use, comes without any charges, and is yet another endeavour to provide simple and easy financial solutions to our customers.”