IMPS is a system used for Mobile Banking in India. The acronym ‘IMPS’ stands for Interbank Mobile Payment Service. This system enables for instant interbank electronic transfer through mobile phones.
When was IMPS Launched?
IMPS was launched in India by NPCI (RBI Set-up National Payments Corporation of India) on the 22nd of November 2010. IMPS helps mobile users for accessing their bank accounts for banking needs including fund transfer, bill payments etc in a secure way with immediate confirmation.
Advantages of IMPS against NEFT / RTGS
IMPS is real time, whereas in NEFT/RTGS transactions, they are processed/ settled in batches which is not real time. NEFT/RTGS transactions can only be performed during the working hours of the RTGS system.
How does Banks avail this Facility?
NPCI is providing this facility through the National Financial Switch (NFS).The bank should be a member of NFS and must have approval from RBI for participating in IMPS. Click here to view the Live Member Banks for IMPS.
How can I enable IMPS in my Mobile?
The following is a generic guideline for using IMPS. It may vary from bank to bank.
- You should have an account with a bank having this facility.
- Register your mobile number with the bank and get the seven digit MMID (Money Mobile Identification Number) and MPIN (Mobile Banking Personal Identification Number).
- Download Software or use SMS facility (depending on the bank)
- The remitter and the beneficiary should have this MMID for doing this kind of fund transfer.
- You can link one or more account to your number. You can use any of the accounts linked to your ID for sending money with IMPS. Only customers who have registered will receive money. Once the money is sent you will receive an SMS confirmation.
- If you are the beneficiary you have to link your mobile number with the concerned bank. There is no need to register with the mobile banking service. Get MMID
How to send money to the beneficiary?
First login to the application. Select the IMPS menu or use the SMS facility in your mobile which ever your bank provides. Enter the beneficiary’s mobile number, MMID, amount and your MPIN to send. You will get an SMS confirmation for the fund transfer.
How to receive the money from the remitter?
You will have to share your MMID with the remitter. The remitter can send the money using your mobile number and MMID. Check the SMS confirmation of the money credited to your account by the remitter.
Advantages of IMPS
- IMPS transactions can be done at any time any day. There are no holiday restrictions on IMPS remittances.
- In any case the remitter enters a wrong beneficiary mobile number the transaction gets rejected on the basis of MMID.
- In case the transaction gets obstructed due to technical or other reasons, the money will be returned immediately. The duration would depend on each bank.
RTGS is sold as the system that IMPS actually delivers. Also, this is far more convenient as you can do it from your mobile phone, on the way home or from your own bed.
The only problem is when you have left your phone at home or when you get a new phone number. If you get a new phone number, that means you’ll have to update all your remitters.
IMPS is a very important service for the youth. In the fast life, IMPS has become the lifeline for the transfer of money. This article is written in a very wonderful and descriptive way which will enable any reader to understand and use this system of transferring money. I enjoyed reading this article.
IMPS a more convenient way of banking than its predecessors like the NEFT and the RTGS. As the number of mobile users is increasing at a rapid pace so IMPS is not limited for the selected few. The best feature is its service can be availed anywhere and at any point of time. Indeed a well written article which guides us to enable this service easily.