IMPS: Essential Features & How To Transfer Money Using IMPS
The IMPS or the immediate payment system is a money transfer system that is available to every citizen of India. This 24x7 electronic fund transfer service was launched in the year 2010 by the Reserve bank of India and National Payments Corporation of India (NPCI). This pilot was started with just 4 major banks and has grown to more than 150 banks. The popularity of IMPS is because it offers real-time transfer of funds on electronic platforms. Let us walk through the features of IMPS and see how to use it, in this article.
Features of IMPS
- It is one of the fastest and reliable platforms to perform inter-account money transfers
- IMPS fund transfer is a fast, safe and secure platform to send and receive funds
- The system operates on both net-banking and mobile platforms
- There are no time constraints. It is available for 24x7x365 days including public and bank holidays and bank off-days.
- Money can be transferred to the beneficiary through this platform just with his/her mobile no. and Mobile Money Identifier (MMID).
- Various payment modes such as SMS, ATMs, bank accounts, and IFSC codes are available.
- The limit of fund transfer is Rupees 2 lakh per day with the minimum transaction value being Rupees 1
- It has safety measures such as asking for pins and OTPs
How to use IMPS
Money transfer on IMPS can take place through various methods such as
- The bank account and IFSC code
- Registered cell number and MMID
- Via traditional ATMs
Transfer through a bank account
• Enter your password, username and login to your bank account
• Select or add a new beneficiary ( for this you will need the beneficiaries details like account no, name, and IFSC code)
• Enter the amount of the transfer
• You will receive an OTP
• Enter the OTP
• To approve the transfer click on confirm.
The IMPS transfer through this method can be done irrespective of the bank. You just need an active internet connection and functional mobile or net banking.
Transaction using mobile number and MMID
This is one of the easiest methods of IMPS transactions. All you need is a mobile number that is registered with your bank account and 7 digit codes that you get at the time of registration. The process starts with your mobile banking app.
• Select IMPS under fund transfer
• In the space required type in, account number, MMID code, and mobile number of the beneficiary
• Enter the amount of transfer
• Verify the transaction by entering the OTP received through SMS. MPIN can also be used for verification
• You will get a message confirming the transaction details
IMPS transaction through ATMs
This is the least popular mode of fund transfer through IMPS. The reason behind reduced popularity is that the debit card number of the beneficiary is required.
• First, visit nearby ATM, use your debit card and enter the PIN
• choose the fund transfer option and select IMPS
• Enter required beneficiary details
• Enter the amount
• Click confirm
• A transaction confirmation message will come after the transfer
The format of Immediate Payment Service SMS transfer can be found on the official website of your bank. Type a message according to the format and send it to transfer funds.
The IMPS charges you something starting from a minimum of 5 rupees and extend up to 15 Rupees per transaction. The fee will differ from bank to bank.
The user-friendly interface and simple real-time transfer of money have made this fund transfer system popular across the country. You can exploit the benefits of this platform and make a fund transfer without hassle. FinMOBICONNECT from Finacus Solutions helps member banks to offer the facility of Instant Fund Transfer to their customers at the branches. Request a Demo for more details.