The Financial Technologies subsidiary has introduced its new IMPS for merchants.
Subsidiary of Financial Technologies in India, Atom Technologies, has unveiled its new Interbank Mobile Payments Service (IMPS), which will give merchants the ability to complete interbank transactions at any time of the day or night using their cell phones.
A number of companies have already expressed intentions to use IMPS integration with their operations.
Among those that will be adding IMPS operations into their portfolios through the Atom Technologies mobile payments will be Univercell Telecommunications India Private Limited, Reliance Energy via IVR, Ferns N Petals, Next Retail India Limited, Annamalai University, and more.
One of the key partners for the operations of this mobile payments technology deal is Yes Bank.
Yes Bank has announced that the IMPS offerings will provide a vital transitional shift that will enable funds to be transferred in real time depending on the requirements at that specific time of day. This eliminates the reliance on bank hours.
Yes Bank chief innovation officer, Anand Bajaj, has said that “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.”
Dewang Neralla, the Atom Technologies CEO and director, went on to explain this move in further detail by saying that these mobile payments will make it very easy for customers to complete their transactions. Neralla also said that it will give merchants the ability to accept these transactions, from customers who would not have been able to pay for a product using other means.
This mobile payments service will give customers the ability to use their smartphones to access the funds in their bank accounts so that they can pay a merchant for a product or service. It also allows for secure interbank fund transfers that provide immediate confirmation. There are currently over 40 million people in India who subscribe to banking services with their smartphones and tablet devices.