Kotak launches interbank mobile payment service

Kotak Mahindra Bank today launched Interbank Mobile Payment Service (IMPS) for its customers.

With this facility, customers will enjoy 24x7 instant funds transfer, thereby enabling the beneficiary to avail of the credit immediately, the lender said in a statement.

Kotak Mahindra Bank is among leading Indian banks that offer this service, which is powered by National Payment Corporation of India (NPCI), Mumbai. NPCI is the umbrella organisation for all retail payment systems in India and governs the modalities of the IMPS payments.

"IMPS is India's first instant, real-time, 24x7 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," Kotak Mahindra Bank Executive Vice-President Shalini Mehta said.