Launched in August 2010, IMPS i.e. Immediate Payment Service is one of the better initiatives by the government and banking institutions which despite being a useful service is yet to see the sort of success that it deserves.
IMPS is a 24X7 interbank electronic instant mobile money transfer service through mobile phones in India. The keywords here are instant and mobile.
Unlike NEFT transactions, payment transfers done through IMPS are instant which means the money is credited to the recipient's account within minutes of initiating the transfer. Moreover you need not have an internet connection to initiate IMPS transfer. The same can easily be done using SMS service of your mobile phone.
This takes us to the question - How to utilize this powerful service? Well its pretty easy. All you need to do is follow a few simple steps as below:
Finally, please note that maximum amount you can send to a particular bank account using IMPS service is Rs. 5000/- per day.
For more details on IMPS please refer the website of National Payments Corporation of India (NPCI): http://www.npci.org.in/aboutimps.aspx
IMPS is a 24X7 interbank electronic instant mobile money transfer service through mobile phones in India. The keywords here are instant and mobile.
Unlike NEFT transactions, payment transfers done through IMPS are instant which means the money is credited to the recipient's account within minutes of initiating the transfer. Moreover you need not have an internet connection to initiate IMPS transfer. The same can easily be done using SMS service of your mobile phone.
This takes us to the question - How to utilize this powerful service? Well its pretty easy. All you need to do is follow a few simple steps as below:
Steps for Sender:
- Register yourself for mobile banking service with your bank
- Get Mobile Money Identifier (MMID) and MPIN from the bank. For most of the private banks it can easily be generated through your online banking account. I have myself tried the same in HDFC and Citibank and the process is pretty smooth
- Use the SMS facility in your mobile if your bank provides IMPS on SMS or Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application)
- Link your mobile number to the account in the respective bank.
- Get Mobile Money Identifier (MMID) from the bank
For Sender (To send money):
- Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS
- Get Beneficiary Mobile number and MMID
- Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send
- Await confirmation SMS for the debit in your account and credit in beneficiary account
- Note the transaction reference number for any future query
Finally, please note that maximum amount you can send to a particular bank account using IMPS service is Rs. 5000/- per day.
For more details on IMPS please refer the website of National Payments Corporation of India (NPCI): http://www.npci.org.in/aboutimps.aspx
