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ICICI Bank has added additional features to its mobile banking services, such as instant funds transfer, prepaid mobile recharge and paying of insurance premia. These are facilitated using the Interbank Mobile Payment (IMPS), said a press release from the bank. Over 16.5 million customers of the bank have been issued their MMIDs (a 7-digit number required to receive money through IMPS).
The service for paying insurance premia is currently available for ICICI Life Insurance customers. Mr Rajiv Sabharwal, Executive Director, ICICI Bank, said that there is a greater need for interoperability to make cheques and even cash redundant in the next three-five years and IMPS will be a convenient instrument for payments and collection even for businesses.
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