Noida based online recharge platform Paytm has integrated Immediate Mobile Payments Service (IMPS) for merchant payments. The IMPS feature will enable customers with debit cards or net banking accounts to transact with merchants using Paytm on their mobile.
The integration by Paytm aims to enable users to recharge their phone and pay utility bills on the go. To use the service, users have to click on the IMPS tab on the site or mobile site, enter their unique Mobile Money ID number given by the bank, mobile number and the One Time Password (OTP) sent by the bank.
Presently, the IMPS payment facility is available on Paytm website, however it is also planning to extend it on apps, SMS and voice calls. Speaking about how IMPS will benefit their customers, Paytm CEO, Harinder Takhar said, “IMPS will help customers with debit cards or net banking accounts to transact on Paytm using their mobiles.”
Paytm is a prepaid recharge and bill payments platform for mobile, DTH, 3G data, and utility services such as toll recharge card. Recently, the One97 Communication owned company had launched real time bus location tracking system, which caters to over 12,000 bus routes all over India.
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 receiver’s mobile number, MMID, the amount to be remitted and MPIN. After the transaction, both parties get SMS confirmation. As of now, 57 banks are live with IMPS for their consumers, while 23 out of these support IMPS for merchant payments already.
Earlier in 2012, IRCTC introduced IMPS Merchant Payments (P2M – Person-to-merchant) payment option that allows customers to make instant, 24*7, interbank payments to merchants or enterprises via mobile phone.
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