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UPI, IMPS, MMID In Detail
Unified Payment Interface -Future of Payments in India
Unified Payment Interface:
Features of UPI:
- Payment systems should be simpler. Transfer of money should be done with just an identifier without having any complex details to hand. It should be done at a simple click.
- Innovation is a major aspect. Both the payer and payee shouldn’t face any difficulties.
- The solution needs to have strong and efficient data protection.
- The adoption of this app needs to be scalable to a billion users and even large scale adoption also.
- In the coming 5 years, the number is expected to rise 500 million users of smartphones. So the solution should be channelized in a proper mechanism to take full advantage of that.
For Example, if a user wants to make payment to the commercial store, he can simply tell his virtual identity to the cashier the cashier will generate an invoice in UPI and the user approves it using his smartphone. In this process, the payment will be made.
Usage of UPI:
- The UPI will have a significant control over current systems and can take mobile payments to next level.
- The UPI is supported by the aadhar system. It is based on the unique identification code and it is ensured that each transaction happens between two persons.
- UPI will create a new ecosystem so that it will offer simpler and instant solutions to the customers. There will be no entry barriers for start-ups and for small businesses as it will solve the problem of collecting money for products and services.
- It is a very significant move, as the service can be provided to the merchant with the help of the smartphone at the place of business.
- It is a big platform for a growing economy like India. There will be no paper money and consumers will not be facing any barriers.
IMPS (Immediate Payment Service) in India
IMPS (Immediate Payment Service)
IMPS (Immediate Payment Service) is an instant, 24 * 7, real-time inter-bank electronic funds transfer system, provided by NPCI ( National Payments Corporation of India) through which one can transfer money instantly across India, through mobile, internet and ATMs. IMPS is not only safe but also economical both in financial and non-financial perspectives.
Unlike the transaction by either NEFT or RTGS, which can done only the working hours, the IMPS service is available 24*7 throughout the year including bank holidays.
In August 2010, NPCI conducted a pilot study on the mobile payment system with the banks like SBI, BOI, UBI and ICICI. As a result, on 22 November IMPS public launch happened by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.
Objectives of IMPS:
- To make this user-friendly so that customers can access their bank account and make remittance anytime.
- To make payment simpler with the use of mobile number.
- To achieve the goal of RBI in digitization of retail payment.
- To make the mobile payment system safe and secure.
- To build the foundation for a full range of mobile banking services.
The participants of IMPS:
- Remitter (Sender)
- Beneficiary (Receiver)
- National financial switch by NPCI
Some Important points:
- To participate in IMPS bank should have approval from RBI for Mobile Banking Service.
- Customers have to register their mobile number for transaction through mobile.
- The customer get a unique Mobile Money Identifier (MMID) and MPIN from the bank, which is 7-digit number.
- A basic phone or smartphone can used for IMPS.
- There is no mandatory to have a bank account for availing IMPS, unbanked customer can initiate IMPS transaction using the services of Pre-Paid Payments Instrument Issuer (PPI).
- Customer can linked more than one account to the same mobile number.
- The charges for remittance through IMPS are decided by the banks and PPIs.
*99# USSD – Towards a Cashless Economy
What is MMID?
How to use USSD?
USSD is a major initiative of NPCI to move towards a cashless economy like the USA
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