payment system in india

Trying to provide its clients with the most comfortable conditions for working in the Forex market, LiteForex group of companies enlarges the set of payment systems and starts to cooperate with OKPAY, an e-currency and payment service provider.

We’re happy to announce now that the set of payment systems enabling our clients to deposit and withdraw funds to and from their accounts has been enlarged with one more reliable and quality service offered by OKPAY payment service provider. Its range of features is quite large and the level of personal information and transaction protection is very high.

OKPAY payment system offers its clients huge possibilities for working with money. These are the methods of depositing and withdrawing funds OKPAY can provide the account holders with: Bank Wire, Electronic Currency and Certified Exchange Partners. Bank wire is the most secure method of transferring funds that permits OKPAY clients to get their money in the shortest possible time. Electronic transfers enable a client to deposit his account with different e-currencies at maximum speed.

LiteForex’s clients enjoy great advantage when depositing their trading accounts via electronic payment systems: they pay payment system fee only. OKPAY charges minimum commission: internal transfer fee constitutes 0,5%, deposit fees for wire transfers constitute 0%.

OKPAY pays interests on the client’s account funds and makes it possible to link a user’s bank card to his account. A partner program permitting to link e-currency exchange partners to the system is also provided.

OKPAY’s reliability is guaranteed by bank accounts whose deposit is equal to the deposit on clients’ accounts. The system provides friendly technical support service.

LiteForex group of companies means to go on enlarging possibilities of using electronic deposit and withdrawal methods. Cooperation with OKPAY is another step to ensuring modern quality service that meets the world standards. More detailed information on using this electronic payment system is available in Trader’s Cabinet.

The Kolkata Traffic Police started an online payment system facility through a portal and an SMS

The Kolkata Traffic Police started an online payment system facility through a portal and an SMS based information exchange service for traffic related problems.
People can now make their traffic related payments online form home and can receive all their traffic related information through SMS on their mobile. Inaugurating the project Kolkata Police Commissioner Goutam Mohan Chakraborty said"the people will have to send an SMS to Kolkata Traffic police on 56767 giving the vehicle no and the engine no and all cases relating to the vehicle will be sent immediately to the person on his mobile"Chakraborty."This will not only save time but relieve the person from unnecessary harassment"Chakraborty added."Apart from this we are trying to a launch a system where the person will not have to go to the traffic guard for the seized documents rather we will sent those documents through courier. An additional charge will be paid for this purpose"Chakraborty said. The kolkata police is also thinking of a system termed'Car Pooling'which will reduce the traffic burden on the roads of the city during school hours.

National Payment Corporation of India is providing Interbank Mobile Payment system Service

National Payment Corporation of India is providing Interbank Mobile Payment system Service with seven banks viz, State Bank of India, ICICI Bank, Union Bank of India, Bank of India, Yes Bank, Axis Bank, HDFC Bank. The service allows a customer in one bank to remit funds to an account holder in another bank. Mobile phone is used as a service delivery channel of the member banks. For providing this offer, the bank needs to have authorization from Reserve Bank of India and has to be admitted as a member of IMPS. Till 31st March 2011, NPCI will be providing the service to the member banks free of charges. Thereafter switching fee of Rs. 0.25 per transaction will be levied by NPCI to member banks. Member banks may levy a fee on the customers as per the policy formulated by them. However for the present, they have also been providing this service free of charges

India will allow fund transfers between different banks

A New mobile retail payment system backed by some large banks in India will allow fund transfers between different banks and the use of SMS to make transactions from even low-end phones, features that are expected to make the system popular with consumers.

Because the Interbank Mobile Payment System from National Payments Corporation of India (NPCI) can support transactions from even low-end phones, the service will be accessible to a larger number of Indian consumers.Until now mobile phone banking transactions in India were mainly possible between account holders of the same bank, Hota said. The new service will give a boost to mobile phone banking, as customers will be able to conduct transactions with account holders in other banks.

RBI drafts guidelines on mobile payment system in India

Mobile phone owners would soon be able to transfer their funds from their accounts through mobile phones. The Reserve Bank of India (RBI) has drafted the operating guidelines for mobile payment systems in India.Mobile phone payment system in india is increasing

According to the draft, mobile phone users who have basic phones will be able to make transactions through their mobile in the future. RBI has also permitted to use SMS based service for small transactions up to INR 15000. RBI has also asked all banks to make their mobile banking services for all mobile networks. The RBI has suggested banks to issue a separate mobile based PIN number which will be completely different from Internet banking passwords and to use dual authentication method for security purpose. The guidelines not only comprises know-your customer and anti-money laundering guidelines but also recommends that bank explicitly state the risks to the customer and also get them to sign a contract before the service is adopted.

RBI plans new Payment Systems

One of the Indian Sectors which is truly consumer oriented and technically advanced is Banking. Reserve Bank Of India (RBI) is behind the scenes in getting Indian Banking domain to the world class and highly competitive with very many new systems and continues to play an important role in introducing customer service initiatives. The recent steps taken in various payment system segments include – verified card payments (increasing card security), ATM payments (increasing accessibility to the public, bringing transparency and reasonableness in charges), rationalising charges for electronic payments (NEFT / RTGS) and collection of outstation cheques, mobile payments, pre-paid payment instruments, etc.

RBI plans new Payment Systems - New RTGS, India MoneyLine, Mobile Payment Infra, India Card - rival to Visa and MasterCard

Now, RBI in its report “Payment Systems in India: Vision 2009-12″ has unveiled its new projects. Here are the details:

1. Implementing a new and feature rich RTGS system : For scaling the existing the RTS facility with latest technologies for more flexibility in operations and better liquidity saving features.

2. India MoneyLine – A 24×7 system for one-to-one funds transfers – The existing NEFT system operates during weekdays from 9 am to 5 pm and on Saturdays from 9 am to 12 noon. With “India MoneyLine”, RBI is considering to extend NEFT to function on a 24×7 basis or to develop a new system akin to the Faster Payments Service in the UK which operates on a 24×7 basis.

3. India Card – A domestic card initiative – RBI is actively looking at introducing a domestic payment card (India Card) and a PoS switch network for issuance and acceptance of payment cards. The need for such a system arises from two major considerations

(a) the high cost borne by the Indian banks for affiliation with international card associations in the absence of a domestic price setter

(b) the connection with international card associations resulting in the need for routing even domestic transactions, which account for more than 90% of the total, through a switch located outside the country — the value of credit card transactions were Rs.65,356/- crores in 2008-09, a 100 per cent jump in the last three years. This means almost Rs 60,000 crore was settled outside India through Visa and Mastercard which act as the payment link on behalf of the bank, merchant and card holder. Debit card transactions amounted to Rs 18,547 crore in 2008-09.

So, this new initiative by RBI makes high sense and its very timely. The Indian Banks Association is also in favour of setting up a payment card. If everything has to go as planned, then we might see this new RBI card as a major rivalry to the existing Visa and MasterCards.