Indian Railway Catering and Tourism Corporation (IRCTC) has brought up another payment facility for consumers, IMPS Merchant Payments (P2M – Person-to-merchant) service which allows customers to make instant, 24×7, interbank payments to merchants or enterprises via their mobile phone.
IMPS is especially designed for mobile banking customers which enables them with a facility to make payment to merchants and enterprises, through various access channels such as Internet, mobile Internet, IVR, SMS, USSD.
Main benefits of IMPS merchant payments service:
Sound interesting, now lets learn how to get started with the IMPS merchant payments service. Customer who wish to avail this service needs to be a mobile banking user of their respective Bank.
Currently IMPS is available to customers of the following banks State Bank of India, Union Bank of India, Kotak Mahindra Bank, ICICI Bank, HSBC Bank, Canara Bank and Standard Chartered Bank. There are other banks participating in the test and development phase of IMPS merchant payments, you can check the status here. For registering your mobile number and obtaining MMID for your respective bank check instruction here. You also need to generate OTP from your respective Bank for IMPS transactions (instruction on generating OTP).
The service is charged at Rs 5 per transaction amount up to Rs 5000 and Rs 10 for above. Want to learn how IMPS works, head over to this presentation (it’s a pdf file and may take some time to load) on IMPS Merchant Payments Process Flow and Use cases. Check the image gallery for some demo of the IMPS service (click on the image for enlarged view).
This post was last modified on May 4, 2013 5:25 pm