IMPS
Interbank Mobile Payment Service (IMPS) offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features. IMPS Public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and presently 43 banks are using this service.
IMPS advantages include:
- Instant
- 24 X 7
- Secure
- Ease of Use
- Time & Cost Saving
- Anywhere
- Eco Friendly
IMPS facilitates customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features. One can use IMPS to:
- Transfer money to another person's account.
- Pay for goods and services bought on mobile/online/shop.
- Pay for your utility bills like electricity bills.
- Pay your insurance premiums.
- Contribute money to charity.
- Pay your school/college fees.
NPCI
The National Payments Corporation of India (NPCI) is an umbrella institution for all the Retail Payment Systems in the country with a core objective to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business. NPCI has been incorporate as a Section 25 company under Companies Act and has presently ten core promoter banks i.e. Bank of Baroda, Bank of India, Canara Bank, Citibank, HDFC Bank, HSBC, ICICI Bank, Punjab National Bank, State Bank of India and Union bank of India.
NPCI is focused on bringing in innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems. NPCI will be able to undertake only those activities in the area of retail payment systems,
which are explicitly authorized by Reserve Bank of India.
The following are the present business verticals of NPCI as authorized by Reserve Bank of India:
- Switching of ATM transactions through National Financial Switch (NFS)
- Interbank Mobile Payment Service (IMPS)
- Aadhaar Enabled Payment System (AEPS)
- Express Cheque Clearing System (ECCS)
- Grid Based Cheque Truncation System (CTS) at Chennai.
- RuPay - Debit Cards.
RuPay, a new card payment scheme launched by the National Payments Corporation of India (NPCI),on March 26, 2012, Mumbai, has been conceived to fulfil RBI's vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments. The card has been introduced by NPCI in order to grow the electronic payments market in India and provide a domestic, competitive alternative to international cards schemes, to banks in India. RuPay's key objective is to build an ecosystem which will improve the penetration of cards and facilitate nationwide acceptance.
RuPay has devised a pricing approach which would encourage the banks to increase their card issuance as well as acceptance network. This would contribute to the growth of acceptance ecosystem in the country.
Website:
www.npci.org.in
Paycash
Paycash cards are prepaid cash cards offered by Smart Payment Solutions Private Limited (SPSPL). These have been introduced to offer a safe and secure payment solution to the card holder. Paycash as a payment instrument and gateway is certified by the Reserve Bank of India.
Payworld has obtained all the necessary prerequisite approvals to operate this card. These cards are available in the denominations of Rs. 1000, 2000, 3000 and 5000. These cards can be put to a number of uses like making utility bill payments, recharging prepaid mobiles, making travel reservations, paying insurance premiums and buying movie tickets. The card can be used directly by the end user or a retailer can use it on behalf of the customer. The present day prevalent practice is that the retailer uses the card to purchases services desired by the end customer.
Presently Paycash services are by used in a retail assisted mechanism. SPSPL issues E-Pin vouchers for the usage of the card. There is a 20 digit code associated with each Paycash card. The first fourteen digits comprise of the account number and the last six digits contain the cash card's alphanumeric password.
The customer approaches the retailer to make payments or recharges on his behalf using the cash card. The balance on the card is deducted by the amount of the transaction. And the retailer charges the money from the customer.
Paycash is relatively new in the market and is still in its inception stage. Its primary model is retailed assisted transactions. In the long run, we propose that the model changes to a B2C model. The customer should be able to use the card himself for buying services and making payments.
In the near future, newer and more innovative uses for Paycash are being devised. It is proposed that it would be used as a Prepaid Magnetic Swipe Card, for Money Remittances and as Mobile Money.
Website:
www.payworldindia.com
MediaTek
MediaTek Inc. is a leading fabless semiconductor company for wireless communications and digital multimedia solutions. MediaTek is a pioneer in cutting-edge SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.
Founded in 1997 as a spin-off from Taiwan's electronic giant United Microelectronics, MediaTek is headquartered in Taiwan and has sales or research subsidiaries in Mainland China, Singapore, India, U.S., Japan, Korea, Denmark, England and Dubai. It has over 6000 employees worldwide. Its 2011 revenue was US$2.95 billion.
The company is the only firm among Fabless semiconductor companies that can deliver solutions across the fields of IT, consumer electronics and communications. MediaTek Inc. is the only Asian company amongst the top 10 Integrated Circuit (IC) design companies worldwide.
In a bid to expand the company's ecosystem and catch the mobile internet trend, MediaTek India has invested in Spice Digital & MoMagic in 2011. Some of the leading handset brands with whom MediaTek works closely include Spice, Micromax, Karbon, Maxx, Lava, Videocon, Zen, Onida Lemon, Intex, Olive, G-Phone, Fly, MVL, Future, Beetle etc.
MediaTek has been awarded Best Technology for Mobile Phone at the 5th National Telecom Awards 2011 by CMAI Association of India and ranked No 6 in 2010 Asia's 200 Most-admired Companies by The Wall Street Journal.
Website:
www.mediatek.com
UL
UL is a premier global safety science company with more than 100 years of proven history. Employing nearly 9,000 professionals in 46 countries, UL is evolving the future of safety with five distinct business units - Product Safety, Environment, Life & Health, Verification and Knowledge Services. UL's mission is to promote safe living and working environments by the application of safety science, hazard-based safety engineering and support the production also use of products which are physically and environmentally safe and to apply our efforts to prevent or reduce loss of life and property. Underwriters Laboratories partners with manufacturers to provide safe products to consumers through UL testing, certification, follow-up audit and to meet the expanding needs of customers and the global public. For more information on UL's family of companies and network of 95 laboratory, testing and certification facilities.
Website:
www.ul.com
VeriFone Systems, Inc.
VeriFone Systems, Inc. ("VeriFone") (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.
Website:
www.verifone.com
The Paypers
The Paypers is the leading independent source of news and analysis for professionals in the global payments industry. Our products are created by payment professionals and cover all significant developments in financial transactions, with a special focus on online payments, online banking, mobile payments, e-invoicing, e-identity and SEPA.
The Paypers targets a very specific readership: the global payments professional. Payments professionals including analysts, CEOs, CFOs, treasurers, business managers, consultants, product managers, business development managers, sales and marketing professionals in over 120 countries already stay up to speed by reading news and analysis by The Paypers.
Website:
www.thepaypers.com