1.IMPS. Immediate (Mobile) Payment Service, initiated by National Payment Corporation of India offers an instant 24*7 interbank electronic fund transfer through mobile phones, internet and ATMs which is not only safe but also economical. IMPS transactions are highly secure and encrypted to protect the sensitive financial information of the users. It was started as a pilot project in August 2010 but had its public launch in November 22, 2010. Though it had started with State Bank of India. ICICI Bank, of India, ICICI Bank, Bank of India later private banks like Axis Bank and HDFC Bank also joined. Now the whole list of banks is available with the NPCI website.
2. Mobile Wallets: Users can transfer money using a smartphone through e-wallet transfers as long as the transaction takes place with the same e-wallet service provider. Wallet transfers are restricted to an upper limit of ₹1,00,000. To transfer the funds the user needs to open the app, add the beneficiary's credential like mobile number and put in the amount to be transferred. Once the transaction is authenticated by the remitter the money gets added to the wallet of the beneficiary in real time.