IMPS

ON THIS PAGE: IMPS Features | Details Required for IMPS | IMPS Reference | Important Factors | FAQs

What are the Features and Benefits of IMPS?

The features and benefits of IMPS which makes it a popular mode of fund transfer are mentioned below:

1) Instant Fund Transfer

Staying true to its name, IMPS allows you to transfer funds in an instant. This is because IMPS transactions occur individually and not in batches. You can avail IMPS via online banking, mobile phone, ATM, or SMS. 

2) 24x7 Availability

IMPS is available 24x7 throughout the year, even on bank holidays. You can use the service to transfer funds anytime and from anywhere.

3) Instant Notifications

Both you and the beneficiary are notified when the amount is debited from one bank account and credited to the other. As a result, you do not need to worry about whether the transaction was successful or not.

4) Versatility of Mode

IMPS can be carried out both person to person and person to merchant. All you need is the mobile number or the bank account details.

5)  Safe and Secure

IMPS is carried out over encrypted servers, making the transfer of funds safe and secure. Payments occur electronically using multi-step verification.

6) Minimum Information Required

It saves time and effort as it does not require you to fill up lengthy forms with confidential information. All you need is the beneficiary’s name, mobile number, and MMID. Alternatively, you can transfer funds via IMPS using just the beneficiary account number and IFSC Code.

7) Multiple Applications

Along with immediate transfer of funds, IMPS also allows you to pay insurance premiums, utility bills, ticket charges, fees, online purchases, etc.

8) Cost Efficient

Banks charge online a minimal amount for availing IMPS facility. In some cases, these minimal charges too are waived off for transactions. As a result, it is one of the most cost-efficient means of transferring funds.

What Details are Required for IMPS?

If you wish to use IMPS mobile banking to send money, you will need to use the MMID (Mobile Money Identifier) and an MPIN to get registered. MMID is a unique seven-digit code linked to your mobile number that is generated once. You would also need to enter the IMPS beneficiary details that include the beneficiary’s mobile number and MMID.

For fund transfer, you can also use a combination of the IMPS account number and IFS Code or mobile number and MMID. Both yours and the beneficiary’s details will be required for the purpose. If you are using an ATM to avail IMPS, you would need to authenticate using your ATM PIN.

What is the IMPS Reference Number?

Once you complete an IMPS transaction by authenticating the payment, the bank provides you with a 12-digit number that is displayed on the screen. This is known as the IMPS reference number. You can find the number on your bank account statement too against the IMPS transaction ID.

Apart from IMPS. You can also use RTGS or NEFT to transfer money from one account to another. Know about the difference between IMPS vs NEFT vs RTGS and select the mode that suits you best!

What are the Important Factors to Remember about IMPS?

Before you choose IMPS as your preferred mode of point, there are a few things you need to keep in mind. They are as follows:

1) Access to Mobile Banking

For the transfer of funds quickly and efficiently using your phone, IMPS requires you have a mobile banking account. You need to download your bank’s application on your phone and link your account with it to be able to send and receive money.

2) Errors Cannot be Reversed

Once you make a transaction using IMPS, you cannot reverse it. As a result, it is critical that you check and recheck the details entered before submitting the payment request. If you mistakenly transfer the money to the incorrect account and are unable to convince the beneficiary to return your money, your funds will be lost.

3) Steady Internet Connection

You must have a stable internet connection to avail IMPS fund transfer via mobile banking. Slow or interrupted connectivity can cause lags and you might mistakenly submit fund transfer requests more than once.