IMPS – Immediate Payment Service
Unlike any other fund transferring ways, IMPS stands out to be the fastest way since the next best alternative which is NEFT doesn’t transfer funds in real time as the processing is carried in batches and the another drawback is that both in NEFT and RTGS, the funds can be transferred only in working hours, hence the IMPS is probably the fastest way for transferring the funds which works Instant, 24X7 by just using your Mobile Phone as a medium.
Let us understand how IMPS works:
IMPS includes 4 Participants namely:
- Remitter (The Sender)
- Beneficiary (The Receiver)
- Banks (remitter bank and beneficiary bank)
- National Financial Switch – NPCI
If you want to send funds using IMPS what you need to do?
- As a Remitter you need to register your mobile with your bank, if you specifically want to know how to register with your bank, click on your bank below:
- Saraswat Co-operative Bank
- BNP Paribas
- Jammu & Kashmir Bank
- Cosmos Co-operative Bank
- Mehsana Urban Co-operative Bank
- NKGSB Bank
- The Bank will provide you Mobile Money Identifier (MMID) and MPIN,
- Then you need to download application for mobile banking and if the application is not compatible with your mobile phone, you can use SMS facility if the bank provides you with IMPS on SMS option
- Then you need to login into the application or use the sms facility in your mobile (if bank provides)
- Obtain the Beneficiary Mobile number to whom you want to transfer the funds along with MMID
- Enter all the details namely, Beneficiary Mobile Number, Beneficiary MMID, Amount and MPIN to complete the transfer
- You will get a confirmation SMS for the successful transaction
- Keep the Transaction Reference number safe for all future queries
If you want to receive funds using IMPS what you need to do?
- Reach your bank branch get a form for linking your mobile number to your account, there is no need for registering your number for mobile banking service.
- Bank will provide you with Mobile Money Identifier (MMID)
- Share your Linked Mobile Number and MMID with the person from whom you are going to receive your funds through IMPS
- As soon as funds are transferred, you will receive an SMS.
- Keep the Transaction Reference number safe for all future queries.
If you have any queries, suggestion feel free to comment in here below