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IMPS means, What is IMPS Transfer, IMPS Payment Method

IMPS means

Most of the people use online banking or online money transfer in their life and in this era of technology, sometimes they need several types of help in different types of places. The comfort of exchanging cash online helps a person in making most out of the modern innovation based banking services. when it comes to transferring money starting with one account then onto the other, most banks give different alternatives methods on different elements and client’s necessities.

Presently, banks give various transfer techniques, for example, National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS), and so on. Peoples use different types of money transfer methods along with RTGS, NEFT or IMPS.

 

imps
Image Source:- RBI data on digital transaction

In light of the value of the transaction, the speed of the transaction, benefit accessibility, and different elements, every one of the transaction will give various types of highlights and adaptability. Simply, each one has their own advantages and disadvantages. Different types of banks have their own advanced wallets to encourage extra techniques for fund transfer on the web. Apart from this, Net banking and the online transaction also has lots of disadvantages on its own.

So in this article, I’m going to Explain “what is imps” “what is imps in banking” “what is imps fund transfer” “imps transfer limit” “imps in banking” “imps fund transfer limit” etc.

What is IMPS {IMPS means}

IMPS means : Immediate Payment Service, which provides interbank electronic instant mobile money transfer service through mobile phones. Simply, It’s an online banking payment system, under which money can be transferred from one account to another. It is similar to NEFT, but what makes it unique is, it immediately settles the fund and takes less time than NEFTIMPS also know as the popular and fastest methods of fund transfer.

Image Source:- Immediate Payment Service

IMPS is used widely across most banks and its services are different from others. most of the fund transfer methods are unavailable on bank holidays and during off working hours, but IMPS allow fund transfer at any time of the day.

How IMPS works

To use IMPS services you need to connect your mobile number or Aadhaar with your bank account. When someone sends you money thought IMPS, it first connects you to your bank account using your mobile number. In contrast to NEFT and RTGS, it doesn’t send money to your account. But first, it transfers fund from your account to your mobile number and then it transfers that fund to your from your mobile number to his mobile number. In the last, beneficiary’s mobile number to his account. Simply, Your mobile number is your account number.

Benefits of IMPS

  • Instant credit to the beneficiary
  • No minimum amount limit has been required for made any transaction.
  • Available 24×7, throughout the year including Sundays and bank holidays
  • Can be used on a mobile phone, internet banking and even ATMs.
  • Send and receive funds with just the mobile number and MMID
  • You get the Debit & Credit Confirmation by SMS immediately.

How to do IMPS transaction

You can access imps money transfer with:

  • Mobile Phone
  • Internet’s Banking Facility
  • Smartphone using your Bank App
  • Simple Phone – Mobile Number, SMS/USSD
  • ATM – Using ATM Card of Bank

How to transfer money using an Account Number & the IFSC code

  • Login to Net Banking Account
  • Click on Payments and Transfer
  • Select Transfer to Other Bank Account across India
  • Select IMPS-IFSC and Payee from List of registered Payees
  • Enter details like Transaction amount, Transaction remarks
  • Click on Next
  • Enter Your ATM/Debit Card Grid and One Time Password (OTP) to complete your transaction.
  • Your transaction gets completed & your payment confirmation number will be displayed on the screen.
  • You will also receive an SMS informing you about the relevant status.

How to transfer money using Mobile Number and MMID

  • Login to Net Banking Account
  • Click on Payments and Transfer
  • Select Transfer Funds through IMPS using Mobile Number and MMID
  • Enter Payee Mobile number, Payee MMID and transaction amount
  • Click on Next
  • Enter Your ATM/Debit Card Grid and One Time Password (OTP) to complete your transaction
  • Your transaction gets completed & your payment confirmation number will be displayed on the screen
  • You will also receive an SMS informing you about the relevant status

How to do IMPS with ATM

In this method, you must need to know about the beneficiary’s debit card number. But this method has some transfer imps limit, you can ask your bank about the imps transaction limitations. If you don’t have any limitations then follow these steps:

  • Swipe your debit card and enter your pin
  • Select fund transfer and click IMPS option
  • It will show your registered mobile number
  • After this, select beneficiary’s mobile number and MMID number.
  • Then enter the transfer amount and fill the details, and click send.
  • In a second your transaction has done.

How to do IMPS with SMS

If you don’t have any internet connection, still you can do imps money transfer. You can do imps payment with SMS. In this method, you need to know the SMS format of imps transaction but significant that different bank has different imps SMS formats. You can find your imps SMS format on your bank’s official site.

Image Source:- imps rank 1 on the global payment system

For example,

IMPS<Beneficiary mobile number><Beneficiary MMID><Amount><MPIN>

Lists of Banks which provides IMPS Payment Transfer

Some FAQs on IMPS

1. What is MMID?

Mobile Money Identification Number (MMID) is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.

2. Does IMPS charge any money for any Fund Transfer?

No.

3. What are the IMPS Timing?

imps transfer time: IMPS is available 24 hours of the day, all days of the week, throughout the year. There are no holiday restrictions on IMPS transactions. Service is available 24×7, throughout the year, including Sundays and any bank holiday.

4. How can I Track my IMPS Transaction?

Every successful IMPS transaction can be tracked by RRN Number or Transaction reference number.

Login to your Internet Banking Account > Payments & Transfer > Transaction Status > View Completed Transactions.

5. What happens if I enter a wrong beneficiary mobile number while sending money?

The beneficiary details required to send money are a mobile number and MMID. Before funds are credited into an account, the corresponding mobile number and MMID are verified. Only when both – the mobile number and the MMID – of the beneficiary match, funds are debited from your account and credited to the beneficiary. Else, the transaction fails and, no money gets debited from your account.

6. full form of imps in banking?

Immediate Payment Service

7. What are SBI imps timings?

you can do transaction Anytime.

8. IMPS charges SBI and other?

The different bank has their different IMPS charges.

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About the Author: Ayush Singh

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