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 Service IMPS 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, A.P. Hota, managing director and CEO of NPCI, said on Tuesday.

via Indian Banks Introducing Instant Mobile Retail Payments – PCWorld.