IMPS - Interbank Mobile Payment Service

IMPS- Interbank Mobile Payment Service, NPCI(National Payment System Of India) provides a liberty to all Mobile user and least burden on Bank to instant transfer money from one account to other.
NEFT and RTGS took time to transfer money with some limitation.IMPS does have limitation as 50k transfer /day.

MMID- Mobile Money Identifier- uniquely identifying your Bank Mobile combination.A request goes through Sender bank to NPCI and from their to receiver Bank and to receiver

After launching in August,Number of transaction and banks is increasing in a good pace.

It is nearly increasing 50%+ more by user and transaction in every month and which is huge.This transaction is going to increase in coming month and it is going to create new trend in market for payment transaction.

Does this means, EDC is going to replace by Mobile phone and cards replaced by mobile Card.It seems future of plastic Card and plastic driven machines are not good. It will take some time for big retailers to accept IMPS. But for small merchant,it is gift. Currently these small merchants has to pay 1-2 % of MSF to support Credit and Debit card. Now use of debit card will reduce dramitaclly. Still we didn't get data for usage of IMPS and if usage pattern is in merchant site, than it is eye opener for so many payment solution provider. Replacement for credit card is still has to come(VISA) , read my old blog Visa Aggressive Marketing and Merger.

It seems ,when ever Plastic and and Mobile crossed each other one plotted graph,from there card will be in its fall.

Visa Aggressive Marketing and Merger

I read few of article and it seems in coming year Visa is trying to swipe market of Payment Card Business, there last three biggest deal is saying this story
1. It get share a in mobile based card company - This include India
2. Visa agrees $190m PlaySpan Acquisition- Visa has stepped up its assault on the e-commerce market with the $190 million acquisition of PlaySpan, provider of a payments platform for digital goods. Read full story
3. Visa joins PFM bandwagon with new spend management tool- Visa has launched a personal money management tool for bank customers to categories and track their spending across multiple Visa card products.Read full story
Research firms are saying there Mobile based card deal is giving edge to other Card Provider and it will going to create a dual story in RBI mind. Where RBI mandates for Mobile based Card still has to come and India Card still on paper.It seems one third Indian(Existing Mobile user) is looking for Mobile based card Card. Airtel's Mobile payment,yet to launch.Airtel Mobile payment will provide a prediction of Mobile based card in Indian market.Lets wait and watch.
On PlaySpan (Arjun Mehta), Researcher said this market is going to grow from 25 bn to 280 bn. in next three year. If this is going to happen, There will be VC's ,who is listening on market,flowing money with conservative way to small payment based company, should open their hand for them also.
On PFM deal,it seems,this only their marketing strong point to convert the deal.It seems, after losing some points with Master Card,Visa is gear up self for surprise in payment market.

Why paymentnewsindia ???

It is always a question,if there is so many other blog available than why one more. I am in payment industry from last 4 and half year and designed and architect application,which is currently used for 10% of total credit card business in India. After successful deployment in India, I am not getting collective news on payment industry in India.Whenever looking for such news,always getting news related to Mobile payment.Mobile payment in India is in its nascent stage and carrying only 2% of total credit card business.In India,if it was 85 thousand crores of Credit/Debit card business than there should must one place every news can available. This blog is to help newbies in payment industry and experienced to know trends in payment industry.
I will be available for any of the question of Payment Industry.It could be

1. PCI-DSS Guidance - Experience on 1st Indian Application, certified by PCI Council
   
2. ISO8583
   
3. VISA-Master-Amex-Dinners etc Card
4. National Payment Switch
5. Design and Architect a payment application

I hope,All of you know,Nelson report,which gives Payment industry trends report. This place to help and discuss those news also.