Demonetization brought out the power of digital transactions in India. It’s cashless all the way. You and other citizens discovered the power of your mobile phone. The mobile phone is not just for talking, sending messages or watching videos. It’s your bank.
So just how did your smartphone become a bank? Simple….Immediate Payment Service or IMPS…..With IMPS you can transfer or receive money from friends and family in seconds.
IMPS was launched way back in 2010 and facilitated by National Payment Corporation of India popularly called NPCI. IMPS means completing transactions immediately. IMPS is a service which allows you to make payments using the mobile phone.
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IMPS is an interbank instant electronic mobile money transfer service through mobile phones. You can transfer funds if you know the beneficiary account number, IFSC code of the recipient’s bank branch, the name of the beneficiary and the amount to be transferred. It’s a secure way of transferring money and its available 24X7 (Even on holidays).
You and other bank customers wanted a system where you could transfer money real time 24X7X365. National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) were used for fund transfers only during banking hours. This is when banks offered IMPS for instant money transfer 24X7. Almost all banks offer IMPS which can be assessed on multiple platforms like mobile, ATM, SMS, Bank Branches and USSD[*99#].
You can send and receive money on mobile phones through IMPS using mobile money identification number (MMID) and a mobile number. You can send money to family and friends through MMID or by using their bank account number and bank branch IFSC code.
MMID is a 7 digit number of which the first four digits are the unique identification number of the bank offering IMPS. Register your mobile number with the bank and get MMID.
You will have to login on SBI Anywhere Mobile Application using net banking user ID and Password. First time users must complete phone validation.
You will have to open the SBI mobile banking app and login using username and password.
SEE ALSO: What Does Accident Insurance Cover?
Let’s take a look at IMPS charges of SBI and HDFC Bank
1. Say no to queues: If you are the kind who begins the day visiting the bank, then banking apps have changed the way you live. Just click on a few icons and send or receive money in an instant, invest in an FD, RD, stocks or mutual funds, check your bank account transactions, know the bank balance and get to know the latest offers and discounts.
2. Banking 24X7: Banks work between 9AM and 5PM. Sadly, this is the time most people go to office. If you had bank work to do, you would have to take leave from office or report late. Banking apps have solved this problem. With banking apps you can transact anywhere, anytime.
3. Goodbye to Cheques: Bank cheques issued by different banks used to take around 3 days to get cleared. With mobile banking a businessman can transfer money to suppliers in minutes.
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