IMPS was launched last November by National Payment Corporation of India (NPCI).Paymate offers Inter Bank Mobile Payment Service (IMPS) for 3 banks, Syndicate Bank, Lakshmi Vilas Bank and South Indian Bank.
The IMPS facility provides inter bank mobile payments powered by Paymate, through the smartphone app, which could be download from the respective banks and fund transfers via SMS. Other than these, Paymate also offers SMS-IVR based solution that allows the customers transfer amount up to Rs 50,000/ month, which is the maximum amount set by Reserve Bank of India (RBI). RBI has also allowed 39 banks to launch the mobile banking service in India.
Paymate will extend this mobile payment service to 5 additional banks in the future, which are already at the pre-launch stage.
