SBI-IMPS and IRCTC join hands – Minimize fraudulent transactions.

 Two of India‘s biggest ePayments players have come together to the best ePayments Product for purchasing railway tickets.

Today I.e 28/07/2012 IRCTC has introduced a new Payment option for rail travelers I.e IMPS Merchant Payments (P2M – Person-to-merchant) service

The IMPS P2M is an additional option for the IMPS users, to pay the merchant bills via the IMPS mode.

The main advantage is that the IMPS P2M is that the funds are transferred in real-time, amongst the parties. Each party receives a SMS from their Banks.

 The IMPS has a 24*7*365 availability and AAS (anytime, anywhere service)

 There are multiple layers of security for IMPS P2M, which almost eliminates fraudulent transactions.

  1.  IMPS is a India centric ePayment product. So, no cross-border crooks will be interested in this.
  2. The sender and receiver should always have a Bank account. This means the funds move via the Banking channel. 
  3. The IMPS is enabled chiefly on Mobiles This means there is no separate instrument to execute transactions. 
  4. In case the mobile is lost, it is very unlikely that the thief will guess that the Mobile has a 1) IMPS facility 2) know the IMPS Password. Even if he/she knows the Item No 1 and 2 and tries to transfers the funds, the funds have to be credited to a Bank Account only. 
  5. In case the transactions are done for Internet shopping, an OTP (One-time Password) is required, which is displayed on the mobile itself. To generate the OTP, M-Pin is required. 
  6. At the most the OTP is valid for one transaction or 60 minutes, whichever is first.

 All this mean, that unless you are very unlucky, fraudulent transactions via IMPS P2M are not possible.

Yes, rush to your Bank to obtain the MMID.

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