Mumbai: Union Bank of India on Monday launched a bill payment service for subscribers of Mahanagar Telephone Nigam Ltd (MTNL) through a mobile banking platform.
The initiative would enable the subscribers pay their bills using mobile banking applications of their respective banks, the state-owned lender said.
Union Bank of India, which is the first bank to launch a bill payment service through mobile banking application using push based immediate payment service (IMPS), would initially offer this service to MTNL's landline subscribers and gradually extend the same for its mobile phone subscribers.
"Mobile banking is the future of banking and it will slowly overtake Internet banking and merchant-based transactions through debit and credit cards," UBI chairman and managing director Arun Tiwari said.
The bank has allotted 9969009700 as the mobile number and 9026263 as the MMID (mobile money identifier) for MTNL. Customers would have to type mobile number and MMID of MTNL along with the bill amount and landline number through which payment is being made.
MTNL servers would validate data in real time so that customer gets debited and the bill amount get credited to MTNL.
The lender said that Initially, it expects to mobilise 25 per cent of existing bill payments of MTNL through this platform.
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