What is IMPS and its objective – how to use immediate payment service for online money or fund transfer through mobile. With facility of online fund transfer, banking has become very easy. You can deal most of you bank work sitting at home. Now you need not to go to bank for NEFT, RTGS or fund transfer to your family member or friends account. With ease of internet banking, you can do it yourself anytime from home. With launch of Immediate Payment Service (IMPS) it has become quite very simple to transfer the fund or money from your mobile. Here we will discuss about What is IMPS, Objectives of Immediate Payment Service(IMPS) and How you can transfer the fund using IMPS System.
All about IMPS – Immediate Payment Service
What is IMPS (Immediate Payment Service) :
IMPS stands for “Immediate Payment Services”. IMPS is an emphatic tool for fund transfer instantly within banks across India through mobile,internet and ATM. It is not only safe but also economical both in financial and non financial perspectives. This facility is provided by National Payment Corporation of India (NPCI).
You can fund transfer for 24×7 hrs throughout the year including Sundays and any bank holiday.. The most important feature is that fund is transferred in real time.
What is the objective of Immediate Payment Service (IMPS) :
- To empower the bank account holder or customers to use their mobile or smartphone for accessing their bank account and remit funds
- To make the payment system simple with the mobile number of beneficiary
- To sub-serve the goal of RBI in electronification of retail payments.
- To facilitate mobile payment systems already introduced in India with the RBI Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner
- To build the foundation for a full range of mobile based Banking services.
Participants in IMPS (Immediate Payment Service) :
- Remitter – it is the sender who send or initiate the fund transfer.
- Beneficiary – it is the receiver of funds.
- National Financial Switch – NPCI (National Payment Corporation of India)
Pre-requisite for Mobile Banking or Fund transfer through IMPS ?
Registration for Remitter :
- To use IMPS service , you should register yourself with mobile banking service of the bank
- Download Software or application of your bank used for mobile banking, you may also use SMS facility in your mobile if your bank provide facility of IMPS on SMS.
- Generate MMID and MPIN from the bank or yourself using mobile banking app of bank.
Registration for Beneficiary:
- To receive the fund through IMPS , Link your mobile number to the account in the respective bank.
- Get Mobile Money Identifier (MMID) from the bank
How to use IMPS for Online Money or Fund transfer through Mobile :
For Remitter (To send money):
- Login to the mobile banking software or application of your bank 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
- If receiver doesn’t have MMID then you can transfer the fund using account number and IFSC code.
- You need to enter beneficiary account number, IFSC code, amount and submit the details for instant fund transfer through mobile.
- Await confirmation SMS for the debit in your account and credit in beneficiary account
- Transaction reference number will be displayed on your mobile screen , note the transaction reference number for any future query
- Share your Mobile number and MMID with the remitter
- Ask the remitter to send money using your Mobile number and MMID
- Check the confirmation SMS for credit to your account from the remitter
- Note the transaction reference number for any future query
If you have any further query regarding IMPS or Mobile Banking, you may either comment here or contact your bank branch.