Atom Technologies, a subsidiary of Financial Technologies (India), has introduced Interbank Mobile Payment Service (IMPS) to enable merchants make interbank payments 24x7 through their mobile phones. Companies like Reliance Energy-through IVR, Next Retail India Limited, Univercell Telecommunications India Private Limited, Ferns N Petals, Annamalai University etc will be integrating IMPS operations in their portfolio through Atom Technologies.Yes Bank, one of atom's key partners for IMPS operations, has stated that IMPS offerings will create the necessary transitional shift that will ascertain the transfer of funds in real time as per the requirements of the current day.
Anand Bajaj, chief innovation officer at Yes Bank said, "We view the IMPS technology as a disruptive opportunity to change the payment landscape in India and bring down costs and improve process efficiencies, especially since the available solutions are a rehash of existing technology, deployed to suit requirements of a vast spectrum of customers - both in retail and corporate segments."
Elaborating on this move, Dewang Neralla, director and CEO, Atom Technologies, said, "IMPS payments makes it very simple for customers to start making payments and it will also enable our merchants to accept payments from such customers which hitherto was not possible earlier due to various reasons."
IMPS allows customers to use their mobile handsets as a channel for accessing their bank accounts and enables interbank fund transfers in a secured manner with immediate confirmation features. Currently, there are more than 900 million mobile subscribers and over 40 million people who have subscribed for mobile banking. Added advantage with IMPS is that it provides a uniform interface for making payments across different payment modes i.e. Internet, Mobile WEB, Mobile App, IVR, USSD and SMS.
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