IMPS- Immediate Payment Service as the name indicates is a mode of immediate/real-time interbank electronic fund transfer system.
It’s launched in November 2010 by NPCI and it is available for the general public 24x7x365 days. NPCI provides this service through its existing National Financial Switch (NFS) ATM network.
Various channels for initiating IMPS- Immediate Payment Service
People can use IMPS through numerous modes like Internet, ATM, Mobile, and SMS. IMPS is a fast, safe, easy and economical system for transfer of funds immediately within banks across India.
Send or Receive money using IMPS
It is a fund transfer system, through which one can send or receive Money and users get immediate debit /credit confirmation of their transactions by SMS.
If a customer intends to send money through IMPS using the mobile channel then he has to do Mobile Banking registration with his Bank and if he opts for other channels like internet, ATM or through bank branch, then he need not to do any mobile registration. One is not even required to do mobile registration for IMPS if he receives money by giving Bank account details or Aadhaar Number to the sender. It is only required if he receives money using MMID or Mobile number. (MMID means Mobile Money Identifier which is a seven-digit number by banks. The combination of mobile number and MMID linked to an account number helps in identifying the beneficiary details)
If a person wants to receive funds from the sender, he has to share the following details with the sender:-
- MMID (Mobile Money Identifier) received from the bank or,
- Share his Aadhar number or,
- Account number with IFSC
So that the sender can send the amount through IMPS. Even a person who does not have an account with a bank can initiate imps transaction by using PPI i.e., Prepaid Payments Instrument issuer service.
The banks and PPI’s authorised by RBI offer IMPS Services to its customers. After initiating the transaction user cannot stop or cancel it. Individual Banks and PPIs decides the charges for the IMPS Services to its customers.
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