Friday, April 15, 2011

Kotak Mahindra Bank Launches Mobile Banking

Kotak Mahindra Bank has launched "Interbank Mobile Payment Service" (IMPS) for its customers. The mobile banking system allows customers to transfer funds between retailers or people who have banking services and are part of the IMPS network.

In order to send money using IMPS, the sender losg into the Kotak mobile banking application, enters the mobile number and the Mobile Money Identifier (MMID) of the beneficiary along with the amount to be transferred.

The beneficiary gets the credit instantly.

MMID is a 7-digit code issued by the bank which along with the mobile number will identify the customer’s bank and account number. To receive money using IMPS, the customer needs to share the mobile number registered with the bank along with the MMID for the account in which he/she wishes to receive money.
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