Paytm.com has announced the adoption of Immediate Mobile Payments Service (IMPS) for Merchant Payments. This new method of payment has been deployed successfully on the Paytm mobile site, its website and will soon be extended to its apps.
IMPS is a system that links mobile numbers to bank accounts.“There are many mobile phones in this country, but not as many credit cards to easily transact with on mobile. IMPS will help customers with debit cards or netbanking accounts to transact on Paytm using their mobiles. By adopting IMPS, we have taken another step in the direction of Paytm’s goal of becoming the most frequented destination where most people will transact for the largest number of goods,” said Harinder Takhar, CEO, Paytm.
To use IMPS, users simply have to click on the IMPS tab on the site or mobile site, enter their Mobile Money ID number (MMID), their mobile number and the One Time Password (OTP) given to them by their bank. MMID can be obtained by applying to the bank. OTP is also given by the bank through various easy means of communication.
Paytm is now using IMPS on its website and mobile site. While this method will soon be extended to its apps, Paytm is looking to add IMPS payments on SMS and Voice calls too. 57 banks are live with IMPS for their consumers, while 23 out of these are supporting it for merchant payments already.
With the merchant payment service going live, more and more customers are choosing to make payments through their mobiles. National Payments Corporation of India (NPCI) – the umbrella organisation for retail payments in India is implementing this system hopes to have hundreds of millions of mobile users in future.