Mobile payment service for merchants launched

India's leading payment services provider Atom Technologies, a subsidiary of Financial Technologies (India) Limited has launched inter-bank mobile payment service (IMPS) to enable merchants make inter-bank payments 24x7 through their mobile phones.

"IMPS is an initiative of National Payments Corporation of India (NPCI), the umbrella organisation for retail payments systems established by the Indian Banks' Association (IBA). The aim of IMPS is to create an affordable and payment mechanism system to facilitate 24x7, inter-bank electronic fund transfer service through mobile phones," said Dewang Neralla, Director and CEO, Atom Technologies.

Merchant clients like Reliance Energy - through IVR, Next Retail India Limited, Univercell Telecommunications India Private Limited, Ferns N Petals, and Annamalai University, among others will be integrating IMPS operations in their portfolio through Atom Technologies.

"This facilitates customers to use their mobile handsets as a channel for accessing their bank accounts and enables interbank fund transfers in a secured manner with immediate confirmation features," said Neralla.