PayMate today launched an application for the transfer of mobile funds that will power the Inter Bank Mobile Payment Service (IMPS) of 3 major banks India, Syndicate Bank, south Indian Bank and Lakshmi Vilas Banks.
PayMate Launches IMPS In India
The Inter Bank Payment Service was launched in November, 2010 under the guidance of the National Payment Corporation of India (NCPI). The service promised transfer of funds instantly between banks electronically for the customers through their mobile phones. The service is provided by more than 20 banks in the country but the adoption rate has still been low.
According to the industry analysts, the reason behind the low adoption rate is the fact that the current format of the service is custom made for smartphones only in which the user can download the application from his respective bank and use it for transferring funds. Basic phone users can transfer funds through SMS which unfortunately limits the transaction value.
PayMate’s IMPS application provides a third option of fund transfer, which is a hybrid SMS and IVR based platform that makes it simple for even a basic phone user to transfer money up to Rs. 50,000.
PayMate powers Inter Bank Mobile Payment Services of three banks and five more banks in the pre-launch phase. This makes PayMate the single largest provider of technology solution to banks for IMPS.