Mobile payments is a mode of payment using mobile phones by scanning QR barcodes on mobile phone screen . Instead of using methods like cash, cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods and services. A customer can transfer money or pay for goods and services by sending an SMS, using a Java application over GPRS, a WAP service, over IVR or other mobile communication technologies. In India, this service is bank-led. Customers wishing to avail themselves of this service will have to register with banks which provide this service. Currently, this service is being offered by several major banks and is expected to grow further. Mobile Payment Forum of India (MPFI) is the umbrella organization which is responsible for deploying mobile payments in India.
However, India is the second-largest telecommunications market and has 929.37 million mobile phone customers. Mobile phones are quite common even in the remote villages. The mobile phone industry is growing at a rate of over 200 million per year. It was expected to touch the one billion mark by 2013. The share of the urban subscribers is 66% and the share of the rural subscribers was 34%. In May 2011, the net monthly addition in terms of the number of subscriptions was 13.35 million. Of those, 7.33 million were from the urban segment and 6.02 million from the rural segment. The subscription growth rate on a monthly basis is 55% for urban segments and 45% for rural segments. Given this context, it is possible to consider the mobile phone as an economically viable instrument to enable inclusive access to financial services. We can see the all kinds of barcode scanners is been used for payment in supermarket or bank or metro or bus .
On November 22, 2010, NPCI launched Immediate Payment Services (IMPS) to offer an instant, 24-hour×7, 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.
With over 900 million mobile subscriber and robust payment infrastructure, IMPS is well positioned to fulfill its objectives of enabling bank customers to use mobile instruments as a preferred channel for accessing their banks accounts, remit funds and also sub-serve the goal of electronification of retail payments. More than 54 banks already offer IMPS services to their customers.
The basic aim of IMPS is to also enable micropayments on low-end mobile devices which support only voice and text, in addition to higher-end phones which could support web browsing or Java application capabilities. A person who has subscribed to a barcode mobile payment service should be able to send money to any other person who has subscribed as well. This should be independent of the mobile network and the bank to which either of the persons belong. This is referred to as interoperability and is a key concern for any major technology to be successful. In India, the model for the delivery of IMPS will be bank-linked; which implies that customers wishing to avail themselves of this service should have: Initially, a registered mobile phone account with any network operator in the country, and a bank account ,meanwhile register for the barcode mobile payment service with the bank.
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