A new mobile service has been introduced in India to take the retail money payment sector to its next level. With the introduction of IMPS (Inter-bank mobile payment service), now consumers can directly transfer money from their account to any other account in the country using their mobile phone. The best part is you don’t need to have internet enabled phone to use this service.
What Is Inter-bank Mobile Payment Service (IMPS)?
Interbank Mobile Payment Service (IMPS), as name suggest it is an Interbank payment service via mobile phones. It offers unique concept of mobile based account to account money transfer for all bank account holders. You can use this service 24*7 to transfer money to any other person registered for IMPS service in any of the participatory bank.
Is Inter-bank Mobile Payment Service (IMPS) Secure Enough?
The IMPS service is launched by National Payment Corporation of India’s (NPCI) and it is as secure as the net-banking facility. To avoid erroneous transfer, the service transfers money to the registered members only.
What Is The Maximum Limit On Fund Transfer Through IMPS?
IMPS has certain transfer limits which includes.
- Users can transfer a maximum of Rs 5,000 using SMS mode of IMPS.
- Users Can transfer upto the maximum value of Rs 50,000 per customer daily.
What Are The Benefits Of Using Inter-bank Mobile Payment Service (IMPS)?
- Instant Money Transfer And Notification: The introduction of IMPS helps to overcome the drawbacks NEFT & RTGS.
- What Is NEFT?
- National Electronic Fund Transfer (NEFT) is another interbank fund transfer service.
- Drawback : It settles transactions in batches, which takes more time in processing fund transfer.
- What IS RTGS?
- Real Time Gross Settlement (RTGS) is another interbank fund transfer service which transfers funds instantly.
- Drawback: This facility works only during bank working hours and there is minimum transfer limit of Rs 2 Lakhs.
- Customer Can Make Payments Via Cell Phone :- The introduction of IMPS let customers use their mobile phone to make fund transfers. It does not even require a smart phone (internet enabled phone) to transfer funds.
- Transfer Cost :- This service is very much affordable for every common man. As NPCI will charge 10 paisa for each transaction.
- Reduce Administrative Cost :- The introduction of IMPS will reduce the overhead of printing currency notes. As this process will increase the electronic fund transfer which will also reduce cash handling in country.
- Simple & Fast Transfer :- The introduction of IMPS will help you make payment easily using your mobile phone to any other mobile phone (Registered IMPS) user even to your local shop keeper.
- No Need To Disclose Financial Details :- The IMPS fund transfer can be done with the availability of mobile number and MMID of the receiver. Which means the beneficiary doesn’t need to disclose his account and other financial details to the sender.
Pre-Requisites For Remitter (Sender) To Send Money Using Mobile Banking Through IMPS?
- Register with you bank to activate mobile banking.
- Download bank application on your mobile phone ( You can also use SMS service to make fund transfer if your bank provides IMPS on SMS)
- Get a unique 7 digit MMID (Mobile Money Identifier) number and MPIN (Mobile Banking Personal Identification Number) from the bank.
Pre-Requisites For Beneficiary (Receiver) To Receive Money Through IMPS?
- Link your mobile number to the account of the respective bank. ( Mobile Banking registration is not required).
- Get Mobile Money Identifier (MMID) from the bank
How A Remitter (Sender) Can Transfer Money To A Bank Account Using IMPS?
Enter following details to send a mobile payment:-
- Enter receivers mobile number
- Enter receivers 7 digit MMID number
- Enter the transfer amount
- Enter MPIN
- Provide bank authentication (user/customer ID).
All your details will get authenticated and the money is transferred instantly from your account. You will also get an SMS notification with the transaction status.
Which All Banks Are Using IMPS Currently?
Check Live Member Banks For IMPS HERE