Immediate Payment Service (IMPS) is a payment method that allows consumers to send money to one another instantly. The service is offered through mobile phones and other channels. With its full form, it is easy to see why so many consumers prefer it over other methods of payment. However, if you are looking for a secure, free way to make payments, you might want to look elsewhere. Thankfully, this article will help you find the most reliable way to make payments.
IMPS is a new system that has been gaining in popularity over the past few years. It is easy to use, and its full form clearly outlines its benefits. However, you should know that there are a few drawbacks to it as well. As with any new service, it isn’t perfect, and you may not find the best one for your specific needs. Before you make your final decision, consider the features and benefits of IMPS and decide if this is the best option for you.
IMPS In Banking:
Immediate Payment Service (IMPS) is its whole name. This rapid electronic financial transfer service enables transactions between and within banks. Simply said, IMPS enables users to immediately transfer money across accounts.
You can send money using IMPS in real-time, and it will be credited to the recipient’s account in a matter of seconds. The daily maximum you can transfer with the Immediate Payment Service is INR 200,000, but there is no minimum transfer amount cap. Throughout the entire year, including on Sundays, bank holidays, and state or national holidays, this financial transfer service is accessible around-the-clock. The availability of IMPS via several channels, including mobile banking, SMS, net banking, and even ATMs, is another important benefit.
IMPS is available on basic mobile handsets. It is available through texting or SMS. All you need is a registered mobile number. You can even use it with a mobile banking app. The fees for IMPS depend on the amount you’re transferring, but they’re typically around 2.5? per thousand. If you have an IMPS account, be sure to link it to your bank account. Once you’re linked, you’ll be able to send and receive money from any location at any time.
IMPS started as a pilot program in 2012, and since then, it has expanded to include certain banks. It is most popular for mobile phones, but it can be used on other devices as well. It works by acting as a liaison between VPAs and banks and transfers money directly from a customer’s bank account. The service is free, and you can use it on any mobile phone. You’ll need a seven-digit MMID, which can be obtained from your bank.
IMPS By Internet Banking:
The Immediate Payment Service option is also accessible via net banking. In this situation, you can transfer money using the beneficiary’s account number and IFSC code. Let’s look at how to use IMPS with internet banking:
- Enter your username and password to get into your net banking account.
Select the fund transfer link on the homepage.
- By using your bank account and IFSC code, choose IMPS (you can also use the MMID and phone number option if you have those details).
- Enter the beneficiary’s information, including account information, IFSC codes, bank branches, etc. It is crucial to understand that you must first add a beneficiary to your bank account by registering them.
- Approximately 30 minutes after adding the beneficiary, you’ll be able to start a fund transfer.
- Add comments and the fund transfer amount.
- After checking the information, confirm the payment.
Immediate Payment Service is an electronic fund transfer service offered by the Indian government. It is fast, secure, and convenient and works 24 hours a day, including on bank holidays. It is one of the most efficient and affordable ways to transfer money. It’s available on several channels, including mobile phones and online banking. With its low costs and 24-hour availability, it’s a great choice for people who need to send and receive money quickly.
The IMPS full form is ttkaal bhugtaan sevaa in Hindi. It’s used to be a limit of two lacs, but the revised RBI guidelines now allow transfers of up to five lacs. You’ll want to ensure that you have sufficient funds in your account before initiating an IMPS transaction. If your account is not fully funded, you might encounter an error message.