Mobile phone users can now transfer money from their bank accounts to another using Interbank Mobile Payment Service (IMPS). Powered by National Payment Corporation of India, this service is available for 22 banks. In a few steps, you can easily transfer money to the account of a beneficiary with*out any hassles. Banks will give a seven digit Mobile Identifier (MMID) and Mobile Banking Pin (MPIN) to their customers once they register themselves with the bank for mobile banking. This will help them get mobile banking service on their handset.
Money can be sent to a beneficiary account through an SMS or mobile banking application. Once the transaction gets completed, a confirmation SMS will be sent to both the users. Mobile banking will provide a medium for instant and immediate banking even when customers are holidaying or are on the move.