On 12/03/2013, two Banks i.e A P Mahesh Co-op Urban Bank and ING Vysya Bank rolled out the Immediate Payment Service (IMPS) Merchant Payment Service.
IMPS-MPS is primarily targeted towards merchants who wish their payments from their customers in the fastest ePayment Mode.
This means the Purchaser/remitting customer’s account is debited and the Merchants’ account is credited.
One of the additional fields in IMPS-MPS is the ‘Reference field’, in which the bill number, policy number or any other unique number can be keyed in. This is necessary to identify to which account in the merchant’s books, the credit should be applied. Care should be taken the details in the ‘reference field’, are correctly filled in, otherwise, if your luck is bad, the credit will go to the wrong account in the merchants’ books.
By now, majority of the IMPS member banks have also launched the IMPS-MPS. The next phase will be now to start getting the merchants on board as well educate their customers the benefits of IMPS-MPS.
In my view, the volumes will zoom, when the Banks activate IMPS-MPS on their net banking. As now to initiate a IMPS-MPS transaction via Mobile SMS, lot many details have to remembered and keyed in the correct sequence. In Net Banking, it will be ‘filling in the blanks’.
IMPS-MPS. Beginning of 2nd Phase, Be ready for it.