Interbank Mobile Payment Service Registers 10M Customers; Will Offer Merchant Transactions

Six months after The National Payment Corporation of India, launched Interbank Mobile Payment Service (IMPS) in India, the organization reports that more than 10 million bank customers have registered for the service, as on 3rd May 2011. Note that the number is only indicative of user registrations and does not represent number of transactions.

The number of banks that have joined the service have also increased to 20, from the initial count of seven. The list includes Government banks like State Bank of India, Bank of India, Union Bank of india, and private banks such as ICICI Bank, HDFC Bank, Yes Bank, among others. NPCI says that 15 more banks will be added to the list and, testing and certification for the same is under process.

RBI raises m-wallet limit to Rs 50,000

Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank today decided to increase the limit of money-loading to Rs 50,000 from the existing limit of Rs 5,000.

"The maximum value of such prepaid semi-closed m-wallet shall not exceed Rs 50,000," a RBI notification said.

Leading mobile operators Bharti Airtel and Vodafone had tied up with SBI and ICICI Bank respectively to offer such facilities to their subscribers.

DigiMo announces new mobile payment solution

DigiMo a mobile payment system provider announced on Thursday the completion of its development of a new platform providing the first true mobile payment solution. The solution requires no hardware or software modification at either the Point-Of-Sale (POS) or mobile device such as cell phone, tablet computer, smart phone, etc. It is ready for immediate deployment worldwide.

Consumers simply register for the service online, supply their preferred billing method and phone number, receive a PIN, and pay quickly and easily at any participating retailer.

The service is designed for online giants, credit card companies and mobile operators who want to launch a wide-scale mobile payment service at multiple retailers without requiring POS integration at each one.