Federal Bank has launched the Interbank Mobile Payment Service (IMPS), a real-time fund transfer facility through mobile phone, in association with National Payment Corporation of India. The new facility was launched by Dileep, Malayalam film actor in the presence of Shyam Srinivasan, MD & CEO of the bank.
At present, a majority of interbank mobile fund transfer transactions take place through the National Electronic Fund Transfer (NEFT) system. Under this, the transactions are processed and settled in batches during the working hours from 9am to 7pm, and not in real time. Under the IMPS scheme, a customer can transfer funds from his/her bank account instantaneously to any other bank account that comes under the same framework using his/her mobile phone. The service is offered without any restriction on timings.
The customer who wants to transfer funds or to receive funds has to register for mobile banking with the bank. Once registered, an MMID (Mobile Money Identifier) is generated. The MMID is a seven-digit number issued by the bank upon registration. Customer also has an option to register for receiving funds only.
The combination of mobile number and MMID will be unique. All that is required is that the remitter should enter the beneficiary’s mobile number and MMID along with the amount to be transferred. Both the remitter and beneficiary will receive SMS confirmation of the transaction. These transactions can be initiated by downloading the mobile banking application of Federal Bank in his mobile or by sending an SMS in a predefined format.
Customers can transfer funds up to Rs 50,000 daily by using mobile banking application. Using SMS, Rs 1,000 is fixed as daily limit and Rs 5,000 is fixed as the monthly limit.
