Lakshmi Vilas Bank Pvt. bank has become the 10th bank in India to launch the Internet Mobile Payment Service in India, a spokesperson for the Karur-based bank tells PaymentsSource.
Launched in November, the service helps customers transfer funds to the accounts of other users of the service quickly through their mobile phones (
Managed by the National Payments Corp. of India, the service supports an interoperable platform that works irrespective of the mobile phone brand or service provider.
“Like all users of this service, our customers will have to register themselves with the bank first,” the Lakshmi Vilas Bank spokesperson says. “They will then be given a mobile money identification number that they use as a PIN to authorize transactions over their phone.”
The bank has yet to decide whether the service will be free after March 31. Other banks, including ICICI Bank Ltd. and State Bank of India Ltd., have indicated they may impose a charge for the service after that date.
