Full Form of IMPS :
Immediate Payment Service
IMPS Full Form is Immediate Payment Service. IMPS is an immediate interbank electronic fund transmits service using mobile phones. It is furthermore being expanded throughout further channels similar to ATM, Internet Banking, etc. Presently popular interbank mobile fund transfer dealings are channelized throughout NEFT method. Using NEFT, the transactions are made and established in batches, therefore, are not real time. Furthermore, the transactions can be finished merely throughout the functioning hours of the RTGS structure.
To be capable of transmitting cash using IMPS route, you need to register first for the immediate payment services with your bank. On getting the Mobile Money Identifier and MPIN from the bank you can login or create a request using SMS to transmit a definite sum to a recipient. In the meantime, the recipient should tie his/her mobile number with his/her individual account and get the MMID from the bank to be capable of obtaining money.
To start a transfer you need to enter the recipient’s mobile number, recipient MMID, the transfer sum and your MPIN whilst requesting the fund transmission. As soon as the deal is cleared, you get a verification SMS on subtraction from your account and the cash accredited into the recipient’s account.
Characteristics of IMPS
- Debit and credit corroboration to the sender and recipient.
- Secure and Protected deal
- Accessible 24*7, comprising Sunday and bank holidays.
- Immediate funds transmit
Advantages of IMPS
- Simple and straightforward to employ.
- Harass free deal.
- Reasonably priced, available, secure and protected.
- No need to go to banks for transferring the cash to the recipient.
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