An IMPS is Immediate Payment Service. It is an instant inter-bank payment transfer service that helps transfer funds using mobile banking apps or net banking accounts. The key features of the IMPS service are it can be availed anytime accross the year, including public holidays and bank holidays. Other fund transfer services like RTGS and NEFT remains operational only on bank working days.
The project was initiated in the year 2010 through four major Indian banks. With its success, the service is now offered by more than 150 banks in India. The payer can immediately credit the payee’s account using IMPS with the registered mobile number and MMID through mobile banking. The funds can also be transferred through net banking account using the bank account number and payee’s IFSC code.
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Follow the steps given below to carry out IMPS transfer through online net banking account:
Given below are the steps to conduct the IMPS transfer by logging on to your mobile banking account:
The IMPS was introduced in the year 2010. It has since changed the way people make payments for goods and services. This system helps carry out transactions instantly without any hassles. With IMPS, payment settlement is quick, convenient and easy. The unified payment interface (UPI) is also based on this platform. Listed below are some important features of the IMPS system:
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