Paytm integrates IMPS for Merchant Payments

Paytm.com has announced the adoption of Immediate Mobile Payments Service, IMPS for Merchant Payments.
 
Harinder Takhar, CEO, Paytm, said, 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.
 
This new method of payment has been deployed successfully on the Paytm mobile site, its website and will soon be extended to its apps. To use IMPS, users will have to click on the IMPS tab on the site or mobile site, enter their Mobile Money ID (MMID) number, their mobile number and the One Time Password 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.
 
While this method will soon be extended to its apps, Paytm is planning to add IMPS payments on SMS and Voice calls too. As of now, 57 banks are live with IMPS for their consumers, while 23 out of these are supporting it for merchant payments already. It has also been revealed that IMPS will be implemented in National Payments Corporation of India (NPCI) for retail payments in India.