Real-time payment system IMPS - future &

challenges

Term Paper
By
Rahul Amin Choudhury
MBA Banking Finance
Under the supervision of
Dr. Sunil Joshi
School of Business Studies

Abstract
In this paper researcher has been tried to examine the developments of payment
system in Indian banking system and analyzed mobile based payments and settlement
service IMPS (immediate payment service). In recent years Indian banking system
have been undergoing from modernization phase and implementing many innovation
ideas in the system. This article focused on only payment and settlement system and it
is based on secondary data sources. Data consist in it has been analyzed by the simple
statistical tools. This article consist IMPS based payment system and services
provided by NPCI (National Payment Corporation of India) a subsidiary of RBI, level
of transaction volume, value as well as includes threats of payment system as suggest
applicable measures to enhance payment system.

Introduction
Every country has a financial system of its own that serves as backbone of its entire
development. A financial system is a set of institutional arrangements through which financial
surplus in the economy is mobilized from surplus units and transferred to deficit spenders. The
financial system of any country consists of banking and non banking financial institutes, these
institutes are providing various types of financial services to the customers. In the financial
services, financial clearing and fund transfer service is most important service than other
services. Payment systems improve financial intelligibility, stimulating business growth and
consumption .The success of the banking system has depends upon the efficient and quality of
clearing system of the industry. The system is changing drastically with technological
advancements. Last few years evident that, technology have become a mean for improvement of
financial system worldwide. In India, most of banks and financial institutions are using internet
and mobile based financial products and services to improve their business efficiency and speed
of services e.g. called e-banking, internet banking, electronic fund transfer, electronic clearing,
mobile banking etc.
Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems
in 2005, released a vision document incorporating a proposal to set up an umbrella institution for
all the RETAIL PAYMENT SYSTEMS in the country. The core objective was to consolidate and
integrate the multiple systems with varying service levels into nation-wide uniform and standard
business process for all retail payment systems. The other objective was to facilitate an
affordable payment mechanism to benefit the common man across the country and help financial
inclusion.
IBA's untiring efforts during the last few years helped turning this vision a reality. National
Payments Corporation of India (NPCI) was incorporated in December 2008 and the Certificate
of Commencement of Business was issued in April 2009. It has been incorporated as a Section
25 company under Companies Act and is aimed to operate for the benefit of all the member
banks and their customers. The authorized capital has been pegged at Rs 300 crore and paid up
capital is Rs 100 crore so that the company can create infrastructure of large dimension and
operate on high volume resulting payment services at fraction of the present cost structure.

Vision- To be the best payment network globally

Mission- Touching every Indians with or other payment services

Product and services by NPCI

1. National Financial Switch- The largest network of shared automated teller
machines(ATMs) in India with 78 members and 166928 ATMs
2. National Automated Clearing House- It is a centralized system, launched with an aim
to consolidate multiple ECS systems running across the country and provides a
framework for the harmonization of standard & practices and removes local

3.
4.

5.

6.

barriers/inhibitors. NACH system will provide a national footprint and is expected to

cover the entire core banking enabled bank branches spread across the geography of the
country irrespective of the location of the bank branch.
Cheque Truncation System
Adhar Enabled Payment System- It is a bank led model which allows online
interoperable financial inclusion transaction at PoS (MicroATM) through the Business
correspondent of any bank using the Aadhaar authentication.
RuPay- RuPay, a new card payment scheme launched by the National Payments
Corporation of India (NPCI), has been conceived to fulfill RBIs vision to offer a
domestic, open-loop, multilateral system which will allow all Indian banks and financial
institutions in India to participate in electronic payments.
IMPS- IMPS offers an instant, 24X7, interbank electronic fund transfer service through
mobile phones.IMPS is an emphatic tool to transfer money instantly within banks across
India through mobile,internet and atm which is not only safe but also economical both in
financial and non financial perspectives.

Mobile Payments in India

Mobile payments is a mode of payment using mobile phones. Instead of using methods like cash,
cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods
and services. A customer can transfer money or pay for goods and services by sending an SMS,
using a Java application over GPRS, a WAP service, over IVR or other mobile communication
technologies. In India, this service is bank-led. Customers wishing to avail themselves of this
service will have to register with banks which provide this service. Currently, this service is
being offered by several major banks and is expected to grow further. Mobile Payment Forum of
India (MPFI) is the umbrella organisation which is responsible for deploying mobile payments in
India

IMPSCurrently majority of interbank mobile fund transfer transactions are channelised through NEFT
mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not
real time. Also, the transactions can be done only during the working hours of the RTGS system.
With the above context in mind, NPCI conducted a pilot study on the mobile payment system
with the banks like SBI, BOI, UBI and ICICI in August 2010. Also the banks like Yes bank, Axis
and HDFC bank joined this league in the month of september, october and november 2010
respectively. Immediate Payment Service (IMPS) public launch happened on 22nd November
2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the
Indian public.

IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile
phones.IMPS is an emphatic tool to transfer money instantly within banks across India through
mobile,internet and atm which is not only safe but also economical both in financial and non
financial perspectives.
This facility is provided by NPCI through its existing NFS switch.

Objectives of IMPS

To enable bank customers to use mobile instruments as a channel for accessing their
banks accounts and remit funds

Making payment simpler just with the mobile number of the beneficiary

To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail

payments

To facilitate mobile payment systems already introduced in India with the Reserve Bank
of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile
operators in a safe and secured manner

To build the foundation for a full range of mobile based Banking services.

The participant for IMPS

Remitter (Sender)

Beneficiary (Receiver)

Banks

National Financial Switch NPCI

Pre-Requisite for Mobile Banking through IMPS

Registration for Remitter:

Register yourself with the mobile banking service of the bank.

Get Mobile Money Identifier (MMID) and MPIN from the bank

Download Software (Application) for mobile banking (ensure the compatibility of mobile
with the application) or use the SMS facility in your mobile if your bank provides IMPS
on SMS

Registration for Beneficiary:

Link your mobile number to the account in the respective bank.

Get Mobile Money Identifier (MMID) from the bank

For Remitter (To send money):

Login to the application and select the IMPS menu from the IMPS or use the SMS
facility in your mobile if your bank provides IMPS on SMS

Get Beneficiary Mobile number and MMID

Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send

Await confirmation SMS for the debit in your account and credit in beneficiary account

Note the transaction reference number for any future query

Share your Mobile number and MMID with the remitter
Ask the remitter to send money using your Mobile number and MMID

Check the confirmation SMS for credit to your account from the remitter

Note the transaction reference number for any future query

Services available on IMPS Funds Transfer

1. Donations
2. Mobile Bill Payment
3. Online Shopping

How does IMPS work?

For Customer to customer to transfer, bank account holders need to register
with their respective banks first. The bank then issue issues a unique seven
digit number called mobile money identifier (MMID) and Mobile Banking
Personal Identification Number (MPIN) to the customer.

To facilitate mobile payments, customers need to feed receivers mobile

number, MMID, the amount to be remitted and MPIN. After the transaction,
both parties get SMS confirmation. At present, consumers can transact up to
Rs 50,000 through IMPS everyday.

For merchant payment, there are two types of transactions- customer

initiated transaction (P2M or PUSH) and merchant initiated transactions (M2P
or Pull). In customer initiated transaction or PUSH, customer initiates
transaction through the Banks mobile banking application or SMS facility
provided by the Bank. Customer needs to feed parameters such as
merchant mobile number, merchant MMID, amount to be remitted, M-PIN and
payment reference. Payment Reference is an optional 50 character field
provided to enter the unique reference for the payment, and identifies the
transaction to the merchant.
In merchant initiated transaction, the transaction is initiated through
merchant application such as Merchant website, WAP site, IVR or mobile
application. Merchants need to feed credentials such as service for which
payment is to be made, customers mobile number, customer MMID and onetime Password(OTP). Customer needs to enter credentials like customer
mobile number (as registered with the Bank), MMID (as generated by Bank)
and OTP (One-Time Password generated by customer). OTP needs to be
generated by customer for each transaction and is only valid for an hour
from time of generation. If OTP is generated through SMS, the transaction
limit is Rs 5,000 and if OTP is generated through mobile banking application,
the transaction limit is as decided by the Bank (Rs 50,000 for most banks)

MMID
The Mobile Money IDentifier (MMID) is the key identifying detail of a user participating in a
transaction. An MMID is a seven-digit number given to a customer upon registration with a bank
for the service. In the seven digits of the MMID are four digits used to identify the bank of the
user and three digits used to identify the account of the user.

A mobile number and a MMID will uniquely identify a customers account with the respective
bank. The design of the MMID allows customers to operate multiple bank accounts linked to a
single mobile number; each bank account has its own MMID. Additionally, since the MMID of
the payee must be entered along with the payee's mobile phone number, it serves to reduce the
possibility of an erroneous transaction when the payer inadvertently enters an incorrect mobile
number.
The MMID is not intended to be a secret it is simply an identifier and it does not give away any
sensitive information about the customer. For example, a merchant will advertise his mobile
number and MMID publicly in order to receive payments from the customers.

List of IMPS Member

Sr. No.
Bank Name
No. of MMID issued (in lakhs)
IMPS Remittance
IMPS Merchant Payment
National Unified USSD Platform (NUUP)

Using MMID(P2P)
Using Account No. & IFS Code(P2A)
Active Channels

1
Allahabad Bank
0.25

Mobile

2
Andhra Bank
9.55

Mobile/ ATM

3
Axis Bank
113.40

Mobile/Internet

4
Bank of Baroda
7.41

Mobile/Internet


5
Bank of India
22.87

Mobile/Internet

6
Bank of Maharashtra
0.04

Mobile

7
BNP Paribas
0.00

Mobile

8
Canara Bank
4.95

Mobile/ATM/Internet

9
Catholic Syrian Bank
0.00

Mobile

10
Central Bank of India
0.16

Mobile/Internet

11
Citibank
3.75

Mobile/Internet
12
Corporation Bank
14.12

Mobile/Internet

13
Dena Bank
0.01

Mobile

14
Development Bank of Singapore
0.00

Mobile

15
Development Credit Bank
0.62

Mobile
16
Dhanalakshmi Bank
6.49


Mobile
17
Federal Bank
1.20

Mobile/ Internet

18
HDFC Bank
4.89

Mobile/ Internet

19
HSBC
0*

Mobile/Internet

20
ICICI Bank
234.40

Mobile/Internet

21
IDBI Bank
0.00

Mobile

22

Indian Bank
45.00

Mobile/ Internet

23
Indian Overseas Bank
.96

Mobile

24
Indusind Bank
0.74

Mobile/ATM/Interne

25
ING Vysya Bank
0.11

Mobile/Internet

26
Jammu And Kashmir Bank
0.01

Mobile

27
Karnataka Bank
32.66

Mobile


28
Karur Vysya Bank
0.36

Mobile/ Internet

29
Kotak Mahindra Bank
36.95

Mobile/ Internet/ATM

30
Lakshmi Vilas Bank
7.49

Mobile/ ATM
31
Oriental Bank of Commerce
19.66

Mobile

32
Punjab and Sind Bank
0.61

Mobile
33
Punjab National Bank
4.05


Mobile/ATM/Internet

34
Ratnakar Bank
0.00

Internet

35
South Indian Bank
3.47

Mobile
36
Standard Chartered Bank
0.00
Mobile

37
State Bank of Bikaner and Jaipur
0.22

Mobile

38
State Bank of Hyderabad
0.33

Mobile

39
State Bank of India

64.41

Mobile/Internet

40
State Bank of Mysore
0.06

Mobile

41
State Bank of Patiala
0.08

Mobile

42
State Bank of Travancore
0.20

Mobile

43
Syndicate Bank
0.99

Mobile

44
Tamilnad Mercantile Bank
0.27

Mobile

45
UCO Bank
0.63

Mobile/Internet

46
Union Bank Of India
17.02

Mobile/ATM/Internet

47
United Bank Of India
0.45

Mobile

48
Vijaya Bank
0.59

Mobile

49
Yes Bank Ltd
10.81

Mobile/ Internet

RRBs/DCB/UCB
No. of MMID
issued (in
lakhs)

Sr.
RRB/DCB/UCB
No.

Pandharpur Merchant Cooperative Bank

0*

Kashi Gomti Samyut Grameen

Bank

IMPS Remittance
Using
Accoun
Using
t No. &
MMID(P2P
IFS
)
Code
(P2A)

Active
Channels

Nationa
l
IMPS
Unified
Merchan
USSD
t
Platfor
Payment
m
(NUUP)

Not applicable
(#)

0*

Not applicable
(#)

Gayatri Co-operative Urban

Bank

0*

Mobile

Maharashtra Grameen Bank

0*

SUCO Souhadra Sahakari

Bank

0*

Not applicable
(#)

The Surat District Co-op. Bank

Ltd

0*

Not applicable
(#)

Dr. Annasaheb Chougule

Urban Co-op Bank Ltd

0*

Not applicable
(#)

Bassein Catholic Co-op Bank

0.03

Mobile/Interne
t

Thane Janata Sahakari Bank

1.85

Mobile

10

The A.P Mahesh Urban Co-op

Bank

0.03

Mobile

11

The Greater Bombay Co-op

Bank

0.56

Mobile

12

Cosmos Co-operative Bank

0.10

Mobile

13

Punjab and Maharashtra Coop Bank

0.50

Mobile

14

NKGSB Co-operative Bank

0.42

Mobile

15

Mehsana Urban Co-operative

Bank

0.01

Mobile

16

Kallappanna Awade
Ichalkaranji Janata Sahakari
Bank

0*

Mobile

Not applicable
(#)

17

Janaseva Sahakari Bank

0*

Mobile

18

Janata Sahakari Bank, Pune

0.04

Mobile

19

Dombivli Nagarik Sahakari

Bank

0.27

Mobile

20

Gopinath Patil Parsik Janata

Sahakari Bank

0*

Mobile

21

Nainital Bank

0*

Mobile

22

Saraswat Bank

0.26

Mobile

23

National Co Operative Bank

Mobile

Not applicable
(#)

24

Pochampally Urban Co
Operative Bank

# As beneficiary
0* No. of MMID issued lesser than 1000.

Prepaid Payment Instrument Issuer

No of
IMPS Remittance
Subscribe
Using
IMPS
d Users
Accoun
Using Merchan
Sr. Prepaid
Payments (in lakhs)
Using
t No. &
Adhaar
No. Instrument Issuer (PPI)
t
MMID(P2P
Active Channels
IFS
No. Payment
)
Code
(ABRS)
(P2A)
1

Airtel Mcommerce Services

Mobile
(Dial*400#)

GI Technology

14.31

Mobile/ Internet

ITZ Cash Card

2.46

Mobile/Internet

MMP Mobi Wallet Payment

Systems Ltd. (mRupee)

Mobile/Internet

Vodafone m-pesa Limited

Mobile
(Dial*400#)

Muthoot Vehicle and Asset

Finance Ltd

Internet

Mobile/ Internet

Mobile/Internet/S
MS

Internet

Oxigen Services

UAE Exchange and Financial

Services

My Mobile Payments Limited

(MoneyonMobile)

21.28
1.4

IMPS Statistics
Month

No. of
Inter Bank Volume
MMID
No. of
s
Memb
No. of
Issue
er
Transactio
d
Banks
(in lacs)
ns
(in
lacs)

Intra Bank Volume

No. of
Transacti
on

(in lacs)

Total

Total No.
Transacti
on

(in lacs)

December,
2014

73

745.5
7

8,380,921

603655.48

1,121,502

30621.86

9,502,423

634277.34

November,
2014

71

704.9
9

7,090,697

525901.11

720,531

15659.04

7,811,228

541560.15

October,
2014

71

685.0
1

6,508,147

489880.15

327,618

20501.33

6,835,765

510381.48

September,
2014

69

670.2
5

5,862,292

429463.76

307,689

18503.53

6,169,981

447967.29

August,
2014

67

632.3
4

4,797,349

351974.01

259,487

15818.38

5,056,836

367792.39

July, 2014

65

629.7
1

4,260,701

301864.46

236,333

17775.67

4,497,034

319640.13

June, 2014

63

618.9
6

3,706,309

261005.6

195,556

13543.81

3,901,865

274549.41

May, 2014

62

606.2
8

3,296,212

241600.27

194,638

12130.89

3,490,850

253731.16

April, 2014

60

595.2
1

3,114,716

215724.49

163,242

10868.45

3,277,958

226592.94

March, 2014

60

584.8
8

2,998,331

205002.57

168,478

10420.54

3,166,809

215423.11

February,
2014

59

581.5
1

2,227,142

145560.13

132,932

7556.73

2,360,074

153116.86

January,
2014

59

568.4
3

2,030,898

132027.91

122,985

7460.71

2,153,883

139488.62

December,2
013

59

557.6
2

1,837,216

117015.42

105,707

6505.07

1,942,923

123520.49

November,
2013

59

543.2
3

1,309,270

88159.88

85,580

5330.65

1,394,850

93490.53

October,
2013

59

537.5
5

1,223,796

73183.73

86,994

5288.45

1,310,790

78472.18

September,
2013

59

531.4
9

1,015,087

55274.81

86,334

4508.63

1,101,421

59783.44

Comparison with other payment servicesNEFT v/s RTGS v/s IMPS

If you have tried transferring money electronically to an individual or an
account, you wouldve come across the terms NEFT,RTGS and IMPS. Most of
us are not really aware of the difference between the various models and on
what occasions they have to be used.
NEFT (National Electronic Funds Transfer) and RTGS(Real Time Gross
Settlement) are the two main fund settlement mechanisms used by banks in
India to conduct one to one transactions. These transfer protocols are
maintained by the Reserve Bank of India.
IMPS (Interbank Mobile Payment Service/Immediate Payment Service) on the
other hand is a mobile based payment mechanism introduced in 2010 by the
National Payments Corporation of India to allow customers to transfer money
instantly, facilitating instant remittance across multiple platforms.
Intra bank transactions are usually pretty easy as it happens without contact
with an external bank. Payment mechanisms like NEFT and RTGS come into
the picture when contact with an external banks is involved.

NEFT
NEFT transactions are usually used to transact in small amounts as there is
no minimum amount, but the maximum* amount possible is Rs 2 lakhs. Also
NEFT transactions are conducted between banks on net settlements basis,
meaning they are conducted in batches and not at the same time as the
transactions.
NEFT operates from 8AM to 6:30PM on weekdays and 8AM to 12:30PM on
Saturday,in hourly batches. There are twelve settlement batches on week
days and six settlements on Saturdays. Timings might vary slightly from
bank to bank.

Transactions made during this time slot are settled within the same day and
after the ones ones conducted after the end time are carried out the next
day.

RTGS
RTGS transactions are usually to transact in larger amounts in real time, the
minimum amount required is Rs 2 lakhs and above. RTGS transactions
happen between banks in real time and on a gross basis. As this mechanism
operates in real time, i.e sans any waiting period, and on a gross basis, i.e
settled individually unlike in batches, it is the fastest way to transfer money
electronically.
RTGS can be accessed between 9AM and 4:30PM on weekdays and 9AM and
1:30PM on Saturdays. Timings might vary slightly from bank to bank.

IMPS
Using IMPS, a relatively newer service, users can transfer money
immediately from one account to the other account, within the same bank or
accounts across other banks. Similar to NEFT, there is no minimum amount
for transactions, but the maximum* amount possible is Rs 2 lakhs.
Users can carry out Person to Person(P2P), Person to Account(P2A) and
Person to Merchant(P2M) transactions from their mobile, Internet or ATM.
One of the advantages of IMPS transaction is that it is available 24X7 and
even on holidays. This can be payments for utility bills, mobile or DTH
recharge, credit card bills, grocery bills, travel ticketing, online shopping and
even educational institutes fee payments through this channel.

The key features of IMPS Funds Transfer are as follows:

 Instant funds transfer

24-hour, 365-day availability
Credit and debit confirmations to sender and receiver
Simple and easy to use
Fast, inexpensive, safe and secure, accessible

Charges
For NEFT and RTGS charges vary from bank to bank, but the RBI has set a
maximum limit on what the banks can charge customers.
IMPS were offered free of cost in order to promote this channels, but most
banks usually charge amount similar to their NEFT tariff.
* The RBI has not set a value for the maximum amount possible to be
transferred using NEFT/RTGS/IMPS, but RBI allows banks to place per
transaction limits based on their own risk perception with the approval of its
Board.

Reasons for Success of IMPS

India has a vast non-banking population, most of whom reside in the rural areas. The traditional
banking industry can not cater to the needs of India's large rural populace. Setting up a
conventional bank branch in a rural area would require considerable amounts of money to be
spent on infrastructure and additional personnel. Most of rural Indians are cut off from access to
basic financial services, which include deposits and withdrawals from a trusted source.

Annual growth of mobile subscriber base in India

However, India is the second-largest telecommunications market and has 970.97 million (dec
2014) mobile phone customers. Mobile phones are quite common even in the remote villages.
The mobile phone industry is growing at a rate of over 200 million per year. It was expected to
touch the one billion mark by 2015. The share of the urban subscribers is 66% and the share of
the rural subscribers was 34%. The subscription growth rate on a monthly basis is 55% for urban
segments and 45% for rural segments. Given this context, it is possible to consider the mobile
phone as an economically viable instrument to enable inclusive access to financial services.

Impact of mobile phones on welfare

Mobile telephony has had an impact mainly by allowing for agents in information restricted
areas to engage in more optimal arbitrage. The adoption of mobile phones by fishermen and
wholesalers resulted in a dramatic reduction in price dispersion, the complete elimination of
waste, and a near-perfect adherence to the law of one price. Both consumer and producer welfare
increased.
Mobile payments can have a positive impact on welfare by easing operational aspects and
associated costs of cash-based transactions related to cash handling, storage and transfer, and by
providing a strong platform for financial inclusion.

Drivers for mobile financial services

High penetration of mobile subscribers.
Mobile top-up services, domestic remittances and bill payments can be made very
conveniently over a mobile phone.
Growing demand, and an existing thriving ecosystem, for mobile services like ring tone
downloads, Bollywood music, update for cricket matches, etcetera. Thus the uptake for
another service, especially financial services, should be positive.
Drive to be a part of the financial system for those people who currently do not have a
bank account. The cost of cash handling, storage and transfer is very high in the informal
sector. The ability to perform basic financial transactions over a mobile could act as a
driver.

 There is a strong demographic dividend in India, where a large proportion of the

population is very young. The young are often enthusiastic to take up new technologies
and services.

Challenges for mobile financial services in India

Poor levels of literacy are a problem, and voice-based services offer a potential solution.
Voice-based solutions, especially in local languages, have two major benefits: they can
work on all handsets and can be used by all irrespective of ones comfort level with
technology or level of literacy.
The mobile financial services have to be effective in terms of usability, cost, efficiency,
interoperability and security for transactions of all ticket sizes.
M-payments options should be available even on low end mobile handsets
Though mobile payments allow payments to be made electronically, they do not enable
depositing money into a bank.

ConclusionEven though mobile operators in India are not allowed to operate mobile wallets unless they
become banking correspondents in partnership with banks, mobile payment in India has been
becoming popular through IMPS (customer to customer) service. This can be gauged from the
above spate in number of IMPS transactions in last 6 months. Undoubtedly, given the 600
million active mobile users, ease of enabling fund transfer on fingertips and low charges over
transactions, the adoption of IMPS is going to get a strong leg up.
With IMPS service now opened to merchant payments, it has potential to do wonders to the way
merchants receive payment. Apart from point of sales (POS) payment, IMPS could benefit etailers offering Cash on Delivery (COD) s a payment option to a greater extent. IMPS can be
used to receive such payments via mobile phone, at the time of delivery and it will reduce the
time-cycle for getting the payments for COD orders

Recommendation Appointment of Banking correspondent (BC). The role of a BC is to act as an interface

between the bank and its customers in places where traditional banking is not feasible.
Banks can appoint a trusted third party as a BC in a village. All the villagers who wish to
transact with the bank can get in touch with the BC. Deposit and withdrawal of money is
handled by the BC. When a person deposits money at the BC, their account immediately
gets credited. The person can then use their mobile phone for additional transactions.
Mobile Service should be made available to all parts of the country
Banks should give emphasis on educating the customers of the banks on how to use it, it
will decrease their cost of operation.
Affordable mobiles should be provided to economically weaker populations.

References ELECTRONIC MODE OF PAYMENT A STUDY OF INDIAN BANKING SYSTEMAastha Gupta

Wings of Changed Technological Payment Systems in Indian Banking An Empirical
Study.
http://www.npci.org.in/aboutimps.aspx
http://en.wikipedia.org/wiki/Mobile_Payments_in_India
http://www.nextbigwhat.com/interbank-mobile-payment-services-imps-in-india-297/
http://www.nextbigwhat.com/neft-rtgs-imps-297/
http://www.livemint.com/Money/LMY4KJcKR39hb568whDJPI/Has-mobile-paymentbug-bitten-you-yet.html
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