Mobile Payment System in India.
If you are going on some official trip and your son studying in Delhi urgently requires money, what will you do? If you use Internet facility, some times it may take even a day. You want to use the Internet banking method, it is a better choice but you may not be in a position to use public computers for this purpose. What will you do?
Hereafter, you need not worry because the National Payments Corporation of India which functions under the Reserve Bank of India has introduced the Interbank Mobile Payment System or I.M.P.S. using Mobile Phones from November 22 of the year 2010. It is the unique facility available only in India and in no other place in the world.
Features of Mobile Payment System in India: -
The salient features of the Mobile Payment System in India are:
 24 X 7 Service. This service will work even during the holidays for Bank.
 This Service is free up to the month of March, 2011.
 After the month of March, 2011, the National Payments Corporation of India will charge Rs.0.25 per transaction.
 Each Bank can also levy charges for the Mobile transactions in future.
 The upper limit for the transaction is Rs.50,000/- per day.
 Other charges by Mobile Operators like Internet charges / SMS charges are also applicable.
How to use the Mobile Payment System in India?
You should follow the following steps to use the Mobile Payment System in India: -
 You should approach the designated Bank Branch and register yourself for the Mobile Payment System in India.
 The designated Bank will provide you with the Mobile application to use for the Mobile Payment System in India and you should download and install the Mobile application.
 You can also use the SMS service if your mobile is not equipped to install the said Mobile application.
 However, it is always better to use the Mobile application provided by the Bank.
 The Bank will then provide you with 7 Digit Money Transaction Identity Number along with a password to use the same.
 All the above facilities are enough for you to begin the Mobile Payment System in India.
How to transfer Money using Mobile Payment System in India?
You can transfer the Money subject to the transaction limits set by your Banker as stipulated in the following steps:
 You should have the Recipient's Mobile number for the transaction.
 You should also have the Recipient's Money Transaction Identity Number.
 You should be precise about the amount of Money that is to be transferred.
 You should have the password for the Mobile Payment System in India.
Once all the inputs are given in the Mobile Money Transaction Application provided by your Banker in your Mobile, your money will immediately reach the recipient's account and you will also get a confirmation SMS regarding the transaction.
India has got 60 Crore Mobile connections and just 30 Crores of Bank Account and therefore, we can hope for a successful implementation of Mobile Payment System in India.