Introduced in 2010, Immediate Payment Service (IMPS) enables electronic fund transfer. The system is operated and managed by the National Payments Corporation of India (NPCI). It is by far the simplest and fastest fund transfer method one could use. Until the last decade, only NEFT and RTGS were in use and there was no simple system to aid customers in transferring funds before or after banking hours. Thus, IMPS transfer was introduced to make fund transfer possible in real-time. Now, we all can send and receive money at any hour of the day because IMPS money transfer is made available even on weekends and holidays. IMPS payment can be done using both mobile banking and online banking.
You can even use IMPS to make your credit card payments. It is one of the most commonly used banking methods in the internet era. Making IMPS credit card payments is instant and convenient; the biller will receive your money near-instantly. Here is how you can make a credit card payment through IMPS:
Log in to the mobile banking app.
Click ‘Bank Account’.
Choose the link for the IMPS option.
Select ‘Merchant Payment’.
Fill in the details, including MMID, mobile number of the biller, your bank account from which money is transferred, amount, and your credit card number.
If you choose to make the IMPS credit card payment through IFSC:
Log in to the mobile banking app.
Select ‘Payments and Transfer’.
Choose ‘Payee’.
Click ‘IMPS-IFSC’.
Furnish the details and confirm the payment.
In case you have more than one accounts with your bank or even with separate banks, you can link the IMPS facility for all your accounts to the same mobile number. However, please note that each account number will be assigned a separate MMID. In case you update your mobile number, you need to inform the banks about the same and re-register for the mobile-banking facility.
You must register for your bank’s mobile banking facility and link your mobile number to your bank account to avail the IMPS service. You can then receive money via IMPS by sharing your unique MMID with the sender.
As stated above, If your mobile number is not registered with the bank, you cannot send/receive money with the mobile banking IMPS facility. IMPS via mobile banking only works for mobile numbers that are linked to your account and are authorised by the bank. In the case your mobile number is not registered with the bank, the IMPS transfer can be done using the option of beneficiary account number and IFS code through netbanking.
More About Payments & Other Credit Cards |
||||
|
|
IMPS, which stands for ‘Immediate Payment Service’, allows you to transfer money electronically within banks. You can avail this service 24x7 on all days of the year, even on weekends and holidays.
IMPS is a nationally acknowledged mode of payment and can only be done between banks authorised by the Reserve Bank of India (RBI). Therefore, IMPS transfer is very safe and secure.
IMPS is free for most payments. However, your bank could levy a minimum charge for large transfers.
The money gets transferred immediately, irrespective of the day or time the payment is initiated.
IMPS is the fastest mode of transfer among all the types, i.e. NEFT and RTGS..
Yes, IMPS fund transfer has a few limitations. For instance, the maximum limit per transaction through IMPS is ₹2 Lakhs through account number-based transactions. In case of MMID-based transactions, the fund limit for transfer is ₹5,000.
Before initiating an IMPS transaction, you must keep certain details handy such as Aadhaar number, IFSC code, bank account number, mobile money identifier and relevant mobile numbers.
IMPS transfers can be made through mobile banking using phone numbers and MMID. Alternatively, you can also use bank account numbers and IFSC codes to make an IMPS transfer.
Yes, the beneficiary or recipient of the funds must also have a mobile money identifier and MPIN from the bank for successful transfer of funds.