With a lot of technological advancement around us, there are many services launched to make our lives easier. That said, today I am going to tell you about a new way to transfer instant funds from one bank account to the other. If there is some urgency, and you want to make that emergency transaction for the funds to be transferred to your loved ones instantly, you have come to the right place. So, read on…!!
IMPS – Interbank Mobile Payment Service is an interbank electronic instant mobile money transfer service which can be availed through mobile phones. IMPS service facilitates you to access your Bank Account and transfer funds instantly using your mobile instruments as a channel. This enables you to transfer funds in a secured manner with immediate confirmation features.
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The beneficiary account is credited immediately when a Fund Transfer request is made through your Mobile phone / Internet Banking. This service is available 24×7, 365 days including Sundays and any bank holiday. A common infrastructure has been set-up amongst participant banks, in association with the National Payment Corporation of India (NPCI), to enable real time funds transfers across banks.
Main Features of the IMPS (Interbank Money Payment Service)
- No pre-registration is needed by the beneficiary (receiver).
- IMPS is a a real time transfer, so funds are credited instantly to the receivers account.
- Confirmation sent out as an SMS on the registered mobiles of both sender and receiver.
- No need to share account details.
- Fast and secure.
- 24 x 7, 365 days Money transfer system.
Various Terms Related to IMPS
Remitter – Remitter (or sender) is the one who is sending the money.
Beneficiary – Beneficiary (or Receiver) is the one who will receive the money.
MMID (Mobile Money Identifier) – MMID is a 7 digit code issued by a participating bank to their Mobile Banking registered customers for availing IMPS service as a beneficiary. You will have different MMIDs for different accounts and you can link all of these to a single registered mobile number.
To Send Money Through IMPS
- Register yourself for mobile banking service with bank.
- Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS.
- Get Mobile Money Identifier (MMID), User ID and MPIN from the bank.
- Enter beneficiary’s 10 digit mobile number and 7 digit MMID number followed by the amount you wish to transfer.
To Recieve Money Through IMPS
- You need to have a bank account to receive funds as this is a interbank facility.
- Link your mobile number to the account in the respective bank where you want the money to be credited.
- No need to register for mobile banking service.
- Get Mobile Money Identifier (MMID) from the bank.
- Share your Mobile number and MMID with the remitter. No need to share Account Details.
Which Banks Provide IMPS Facility in India?
The IMPS service was initially launched on a pilot mode with a few banks participating and is now open to the Indian Public since the official launch.
As given on the NPCI (National Payments Corporation of India) website,
NPCI has carried out a pilot on mobile payment system initially with 4 member banks viz. State Bank of India, Bank of India, Union Bank of India and ICICI Bank in August 2010.Yes Bank, Axis Bank and HDFC Bank have joined this pilot in month of September, October and November 2010 respectively. Interbank Mobile Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.
Below are the banks providing IMPS facility in India:
- Andhra Bank
- Axis Bank
- Bank of Baroda
- Bank of India
- Canara Bank
- Catholic Syrian Bank
- Corporation Bank
- Development Credit Bank
- Dhanlaxmi Bank
- Dombivli Nagari Sahakari Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Lakshmi Vilas Bank
- Oriental Bank of Commerce
- Punjab National Bank
- South Indian Bank
- State Bank of Bikaner and Jaipur
- State Bank of Hyderabad
- State Bank of India
- State Bank of Travancore
- Syndicate Bank
- Tamilnad Mercantile Bank
- The Greater Bombay Co-operative Bank LTD
- UCO Bank
- Union Bank of India
- Vijaya Bank
- Yes Bank
You can check out more details about the banks providing IMPS service here. The basic process of transferring the funds using IMPS is same for all the banks and you will get all the information at the individual banks’ site links I have shared above. Still, if you have anything specific queries related to your bank, please comment below and I will be happy to help you, or you can get in touch with your bank helpline.
Have you used this instant money transfer service? Do share your experiences and feedback with us in the comments section below.