Indian Merchants Make Mobile Interbank Payments with Atom IMPS 

Nov. 8, 2012

A New Delhi mobile payments technology company has introduced a service that enables merchants in India to make interbank payments at any time through a mobile device. Atom Technologies, a subsidiary or Financial Technologies (India), has introduced its Interbank Mobile Payment Service (IMPS) that allows customers to use their mobile handsets as a channel for accessing their bank accounts and enables secure interbank fund transfers with immediate confirmation. IMPS provides a uniform interface for making payments across Internet, mobile Web, mobile app, IVR and SMS.

Anand Bajaj, chief innovation officer at Yes Bank, a key partner in IMPS, said: “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.”