CCAvenue offers IMPS for merchant payments, enabling 930 million mobile users in India to make real-time payments via mobile phones
2nd March, 2015
CCAvenue.com has introduced IMPS (Immediate Payment Service) Merchant Payments (P2M - Person-to-merchant) as a payment option. This enables millions of mobile banking users to make real time, 24*7, interbank payment to merchants or enterprises via mobile phone instantly in a secured manner with immediate confirmation. These payments can be initiated through various channels such as mobile devices, website, SMS, USSD, IVR, etc.
IMPS is a system that links mobile numbers to bank accounts. Presently, over 74 leading banks support the IMPS service launched by the NPCI (National Payments Corporation of India). To use IMPS, mobile banking customers have to select IMPS as the payment option on the CCAvenue checkout page, enter their mobile number, their MMID (Mobile Money Identifier, a 7-digit number that can be obtained by applying to their bank) and the one time password (OTP) generated by their bank. The customer's account gets debited and the Merchant's account gets credited with immediate effect.
Speaking about how IMPS inclusion will benefit CCAvenue merchants, CEO, Mr. Vishwas Patel said, "We at CCAvenue, have always endeavored to offer our merchants the widest payment network so as to enable them to expand their market reach and generate more revenue. In a similar bid, inclusion of IMPS as a payment option on CCAvenue comes as quite a significant development as more and more customers are opting for mobile banking services. According to NPCI, the number of IMPS transactions in January 2015 alone was 10.2 million with a gross value of INR 7,337 crores, indicating a rapid growth in IMPS transaction volumes. With this offering, our merchants get access to a huge potential customer base of 930 million mobile phone users who can now transact on websites powered by CCAvenue and make real-time payments via mobile phones, even if they do not use internet banking, debit or credit cards."
About IMPS
IMPS (Immediate Payment Service) is an interbank electronic fund transfer service provided by NPCI through its existing NFS switch, enabling mobile phone users to make real-time payments to individuals (P2P) or merchants (P2M) 24x7. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts for interbank fund transfers in a secured manner with immediate confirmation. One of the main objectives of this NPCI initiative was to build a robust retail payment services that is real-time, available 24x7 (on holidays too) & is cost effective, facilitating the financial inclusion process, providing banking services to even the last mile customer.
About NPCI
Incorporated in December 2008, National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India with the support and guidance from the the Reserve Bank of India (RBI) and the Indian Bank's Association. Presently, the ten core promoter banks for NPCI are: The State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC. NPCI has achieved a major milestone with the successful implementation of RuPay, a world-class domestic card payment network in India. NPCI offers various other services including Cheque truncation, National Financial Switch (NFS), Aadhaar Enabled Payment System (AEPS), Inter-bank Mobile Payment Service (IMPS) and Express cheque clearing system.
About Avenues
Incorporated in the year 2001, Avenues is the parent company of CCAvenue.com and is a zero-debt company that has been profitable since its inception. With its headquarters in Mumbai, Avenues has developed several cutting-edge solutions that are used by thousands of eMerchants globally. CCAvenue offers real-time, multi-currency online payment processing services for businesses in Hospitality, Online Retail, Education and the other major industry verticals. CCAvenue is the only complete PG solution in the region that has the unique capability to offer the full spectrum of Internet payment options such as the major Credit Cards, Debit Cards, Cash Cards, Net Banking and mobile payments.
IMPS is a system that links mobile numbers to bank accounts. Presently, over 74 leading banks support the IMPS service launched by the NPCI (National Payments Corporation of India). To use IMPS, mobile banking customers have to select IMPS as the payment option on the CCAvenue checkout page, enter their mobile number, their MMID (Mobile Money Identifier, a 7-digit number that can be obtained by applying to their bank) and the one time password (OTP) generated by their bank. The customer's account gets debited and the Merchant's account gets credited with immediate effect.
Speaking about how IMPS inclusion will benefit CCAvenue merchants, CEO, Mr. Vishwas Patel said, "We at CCAvenue, have always endeavored to offer our merchants the widest payment network so as to enable them to expand their market reach and generate more revenue. In a similar bid, inclusion of IMPS as a payment option on CCAvenue comes as quite a significant development as more and more customers are opting for mobile banking services. According to NPCI, the number of IMPS transactions in January 2015 alone was 10.2 million with a gross value of INR 7,337 crores, indicating a rapid growth in IMPS transaction volumes. With this offering, our merchants get access to a huge potential customer base of 930 million mobile phone users who can now transact on websites powered by CCAvenue and make real-time payments via mobile phones, even if they do not use internet banking, debit or credit cards."
About IMPSIMPS (Immediate Payment Service) is an interbank electronic fund transfer service provided by NPCI through its existing NFS switch, enabling mobile phone users to make real-time payments to individuals (P2P) or merchants (P2M) 24x7. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts for interbank fund transfers in a secured manner with immediate confirmation. One of the main objectives of this NPCI initiative was to build a robust retail payment services that is real-time, available 24x7 (on holidays too) & is cost effective, facilitating the financial inclusion process, providing banking services to even the last mile customer.
About NPCI
Incorporated in December 2008, National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India with the support and guidance from the the Reserve Bank of India (RBI) and the Indian Bank's Association. Presently, the ten core promoter banks for NPCI are: The State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC. NPCI has achieved a major milestone with the successful implementation of RuPay, a world-class domestic card payment network in India. NPCI offers various other services including Cheque truncation, National Financial Switch (NFS), Aadhaar Enabled Payment System (AEPS), Inter-bank Mobile Payment Service (IMPS) and Express cheque clearing system.
About Avenues
Incorporated in the year 2001, Avenues is the parent company of CCAvenue.com and is a zero-debt company that has been profitable since its inception. With its headquarters in Mumbai, Avenues has developed several cutting-edge solutions that are used by thousands of eMerchants globally. CCAvenue offers real-time, multi-currency online payment processing services for businesses in Hospitality, Online Retail, Education and the other major industry verticals. CCAvenue is the only complete PG solution in the region that has the unique capability to offer the full spectrum of Internet payment options such as the major Credit Cards, Debit Cards, Cash Cards, Net Banking and mobile payments.
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