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12 May 2021
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What is IMPS in Banking Terms?

The IMPS full form is Immediate Payment Service. It is an instant payment service launched by the National Payments Corporation of India (NPCI) on November 22, 2010. Registering for IMPS allows you to transfer funds instantly from one bank to another as well as to RBI-authorised PPIs (Prepaid Payment Instrument Issuers) in the country. IMPS mode of payment can be used for making your debit card and credit card payments.

Now that you know what IMPS means in banking, let us take a look at the features and benefits that make it an attractive choice.

Features and Benefits of IMPS

  • IMPS is available 24x7 throughout the year, even on bank holidays

  • You can avail IMPS via online banking, mobile phone, ATM, or SMS

  • IMPS transactions occur individually and not in batches

  • IMPS is carried out over encrypted servers, making the transfer of funds safe and secure

  • It saves time and effort as it does not require you to fill up lengthy forms

  • Payments occur electronically using multi-step verification

  • Both you and the beneficiary are notified when the amount is debited from one bank account and credited to the other

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!

Frequently Asked Questions

  • ✔️What is IMPS transfer?

    IMPS, short for Immediate Payment Service, is a payment service to transfer funds instantly from one bank account to another or to RBI-authorised PPIs. The service is available round the clock, including on bank holidays. You can avail of IMPS transfer through online banking, mobile app, ATM, or SMS.

  • ✔️What is the full form of IMPS?

    The IMPS full form in banking parlance is Immediate Payment Service.

  • ✔️What are the benefits of IMPS?

    IMPS is available 24x7, including on bank holidays. It can be availed via online banking, mobile phone, ATM, or SMS. You can use it to transfer funds instantly in a safe and secure manner.