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MMID from NPCI, can it become India’s payment panacea?

MMID based interbank mobile payment system has huge promise in India. A country that is witnessing a payments revolution led by both start-ups, private banks, telcos as well as government backed National Payment council of India. NPCI has a payment gateway called Rupay which has one of the lowest interchange and transaction processing rates in the world. But whats most exciting is the Mobile payment platform. Mobile money identifier (MMID) is an authentication id that was initially used to offer mobile based interbank mobile payment system but now extends beyond it. You can use it to transfer money to a bank account to a person who doesn't have MMID, by using another system widely in use for online payments - NEFT. Back in August, 2013 the t ...

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