IMPS which stands for Immediate Payment Service is a real time payment service where the funds are transferred immediately. This service is offered by National Payments Corporation of India (NPCI).
Banks which are part of IMPS transfer funds 24*7 including bank holidays.
How to enable IMPS?
To transfer funds through IMPS, bank customer has register for mobile banking to initiate the transaction through mobile channel.
For internet, ATM and bank branch channels, mobile registration is not required.
How can one receive funds?
One should collect his/her MMID from bank and share with sender or alternatively share his/her Account number & IFS code or Aadhaar number for receiving money.
For receiving funds, no need for registration, if receiving money using bank account details or aadhaar Number. However, for receiving money using mobile number and MMID, mobile registration is mandatory.
More number of accounts
Customer can link more than one account to the same mobile number. However each A/C no. will have different MMID.
Mobile Money Identifier
Mobile Money Identifier is a 7 digit number, issued by banks. MMID is one of the input which when clubbed with mobile number facilitates fund transfer.
As IMPS is an immediate fund transfer service, once you initiate the payment it cannot be stopped or cancelled.
IMPS transfer options
- IMPS users can trasfer funds using beneficiary mobile number and MMID •
- Using Beneficiary Account number and IFS Code
- Using Beneficiary Aadhaar Number