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.