In a move that could save banks crores of rupees every year, the National Payment Corporation of India (NPCI) has mooted a system where non-financial transactions like balance enquiry could be moved out of bank ATMs to mobile phones.
National Payments Corporation of India is in talks with mobile companies to facilitate banking transactions through USSD (unstructured supplementary service data) messages. USSD messages are at present used by mobile companies to enable users check pre-paid balances and get information on offers by dialing a specific code. USSD messages are exchanged over a real-time connection with the telecom company's server and are therefore faster and more responsive than SMS queries. NPCI, a body promoted by banks at the instance of Reserve Bank of India, has taken over the backbone of all electronic payment transactions from an arm of RBI. It is also plays the role of the facilitator in India's Interbank Mobile Payment System (IMPS).
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