National Payments Corporation of India (NPCI), the umbrella organisation for all retail payment systems in the country owned & operated by banks, is planning to launch its inter-bank mobile based remittance service (India-Pay Mobile Payment Service) in near future.
Requesting anonymity, an official of NPCI told FE, a pilot project was already in this regard and on successful completion of the pilot, the company will soon be launching the mobile payment solution for all its member banks.
The mobile payment facility will help one do money transfer through cellphone.
Also, NPCI is planning to set up central infrastructure for all domestic inter-bank transactions in the area of retail payments in a planned manner after obtaining necessary approvals from the Reserve Bank of India. ATM switching was the first such service to get operational. The next in the line is cheque truncation system in Chennai, which would be followed by the installation of the same facility in New Delhi. Next to come will be the UID based payment service for financial inclusion.
NPCI is working on innovative solutions for retail payments and is also currently working on a 24×7 remittance service where by a bank customer can remit funds to another bank customer in an online real time manner round the clock in a cost-effective manner. With these and other planned launches, NPCI would be taking a further step in moving paper based payments to electronic payments.