CURRENT AFFAIRS

Detailed explanation-1: -On November 22, 2010, NPCI launched Immediate Payment Services (IMPS) to offer an instant, 24-hour×7, interbank electronic fund transfer service through mobile phones.

Detailed explanation-2: -India. One of the first online payment systems in the country dates back to 1996, where the Industrial Credit and Investment Corporation of India (ICICI) began to offer their clients online banking services in their retail branches.

Detailed explanation-3: -The mobile payment systems based on SMS soon evolved into the world’s first phone-based banking service launched by the Merita bank of Finland in 1997.