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