IMPS- The Pioneer Of Instant Money Transfer In India
The IMPS or the immediate payment system is a system of money transfer in India available throughout the country, to every citizen of India. The IMPS is a 24x7 electronic fund transfer service initiated and maintained by the Reserve bank of India and National Payments Corporation of India (NPCI). This pilot-scale project began with 4 major banks and has grown now with about 150 banks. IMPS transfer has become highly popular because it provides real-time transfer of funds over an online platform. In this post, let us take a brief look at how IMPS, the pioneer of instant money transfer in India, benefits people.
The fastest and reliable platform in India to conduct inter-account money transfers.
IMPS money transfer is a fast, safe and secure platform to make various types of transactions
The system function on both net-banking apps and mobile platforms.
There are no time restrictions to conduct a transaction. IMPS are available for 24x7x365 days irrespective of public and bank holidays and bank off-days.
A user can send money to the receiver just with their mobile no. and Mobile Money Identifier (MMID).
Comprises various payment modes including, SMS, ATMs, bank account, and IFSC
The IMPS fund transfer maximum is Rupees 2 lakh per day with, the minimum value being Rupees 1
It comprises safety measures such as asking for pins and OTPs
To pave the way for the bank customers to use mobile instruments as a channel to access their accounts and perform basic transactions.
To make fund transfer simpler just with the beneficiary’s mobile number.
To achieve the goal of the Reserve Bank of India (RBI) and electronify the retail payments.
To build a strong platform for a full range of mobile banking services.
How to transfer money using IMPS?
Money transfer on IMPS can be done via one of the following methods
Using the bank account and IFSC code
Registered cell number and MMID
Transfer through a bank account
Login to your bank account by entering the password
Choose or add a new beneficiary and enter their details
Enter the amount and then enter the OTP
Then confirm the transfer to approve the transfer.
All you need is an active internet connection and a mobile banking app or net banking portal.
A transaction using a mobile number and MMID
This is the simplest method of IMPS transactions. All you require is a mobile number registered with your bank account and 7 digit codes provided at the time of registration.
Open the mobile banking app for IMPS
Choose IMPS under fund transfer options
Type in the beneficiary’s account number, MMID code, and mobile number
Follow by entering the amount and confirming with OTP
The transaction will occur in a minute and, you will get a confirmation message.
Immediate payment system charges a minimum of 5 rupees to a maximum of 15 Rupees per transaction. However, the transaction will differ depending on the type of bank.
The user-friendly interface and, facile real-time transfer of money have made this fund transfer method popular throughout the country. You can exploit the benefits of an immediate payment system and make fund transfer, a hassle-free process.
