Interbank Mobile Payment Service

The newly launched IBPS (Interbank Mobile Payment Service) is a innovative mechanism brought up by National Payments Corporation has a lot of potential in providing banking services to the people who are living at the bottom of the pyramid.I believe this is the only initiative taken up to reach bottom of pyramid where fortune is present as stated by the late Management Guru C.K.Prahlad. With the amount of mobile subscribers in our country it provides yet another platform for banking among the masses.

All you have to do to use this innovative service is get this application installed in your mobile phone which primarily works through SMS or USSD protocal. MMID developed by IIT Chennai combines your mobile number, bank account number and a routing code for transactions .Get yourself registered with your bank and get your unique MMID. The person at the other end also should get the same. To send money just enter the person’s MMID and mobile number, the transaction is complete. The cost is also very low.Believe it or not only normal SMS charges are applicable.

I hope after this Banking for Masses will become real and there is scope for transferring amounts to workers for central government’s flagship scheme NREGES for rural people.As of now 18 banks are providing this service.