Social Media Banking or Social Media Money Transfer is the new buzzword in the Banking Sector. Banks are trying to tap the growing popularity of social media. Mobile Money Transfer is future. Currently, in Mobile Money Transfer space 4 major experiments are happening simultaneously. These are Social Media Banking, Mobile Wallet, Mobile Banking Apps and IMPS. There is possibility of some overlap between 4. We discussed IMPS - Immediate Payment Service in my previous post. Predominantly, IMPS is the backbone of Mobile Banking as most of the new experiments are utilizing IMPS. Mobile Wallet, We ... Read More
What is IMPS – Immediate Payment Service?
In my opinion, IMPS is path breaking technology for Money Transfer. In last 10 years, the overall experience of money transfer has changed drastically. I remember standing in long queue for an hour or so to transfer money. To be very honest with you, i started this post as a Social Media Money Transfer but mid-way i changed the topic to IMPS (Immediate Payment Service). To understand social media money transfer, it is critical to understand IMPS (Immediate Payment Service) first. I tried to squeeze both IMPS and Social Media Money Transfer in the single post, but i was not able to do justice ... Read More