IMPS, or Immediate Payment Service, is a real-time, multi-channel electronic fund transfer system provided by the National Payment Corporation of India (NPCI). IMPS can be accessed via mobile phones, ATMs, and SMS, and enables safe, fast, and secure transactions within banks. The service is widely used for fund transfers, merchant payments, and receiving payments. IMPS full form is available in Hindi and English.
IMPS in Banking
Immediate Payment Service (IMPS) is its whole name. This rapid electronic financial transfer service enables transactions between and within banks. Simply said, IMPS enables users to immediately transfer money across accounts.
You can send money using IMPS in real-time, and it will be credited to the recipient’s account in a matter of seconds. The daily maximum you can transfer with the Immediate Payment Service is INR 200,000, but there is no minimum transfer amount cap. Throughout the entire year, including on Sundays, bank holidays, and state or national holidays, this financial transfer service is accessible around-the-clock. The availability of IMPS via several channels, including mobile banking, SMS, net banking, and even ATMs, is another important benefit.
The full form of IMPS is a standard for mobile phone messaging. In most cases, this feature is available only on smartphones. However, if you have a prepaid phone, IMPS is also available for older phones. If your phone supports IMPS, make sure to read the manual or contact your provider to learn more about the format. There are a variety of IMPS-compatible phones available, and you can choose one that best meets your needs.
IMPS By Sms
The Immediate Payment Service has the nice feature that you can still start transfers without a net banking account or a smartphone with internet access. Banks allow IMPS transfers by SMS as well, making it more accessible to everyone. You can also use the IMPS service via SMS if you have a mobile phone.
To use this feature, you must sign up for mobile banking and connect your cell phone number to your checking or savings account. Once you have enrolled for it, you can start an SMS fund transfer. These are the procedures.
Send a text message to the SMS banking number that your bank has provided. To start an IMPS fund transfer request, enter the text in the same format that the bank has advised.
Enter information such as the payee’s account number, the IFSC code, and the transaction amount. Keep in mind to adhere to the SMS format provided by your bank.
When your bank requests it to verify the request, enter the mPIN.
You will receive an SMS confirming the fund transfer once your mPIN has been validated.
While most people are familiar with the traditional ways of sending and receiving money, IMPS is more complicated. It works through mobile banking applications, so it’s essential to have a basic understanding of the technology. To get started, you need to know a bit about mobile banking and the Internet. Then, you can apply for a prepaid card, sign up for a credit union, or apply for a student loan.
Another great feature of IMPS is its availability 24 hours a day. You can send money to another IMPS account anywhere, which means you don’t have to leave your house to make a transfer. Moreover, IMPS is open for transactions 24 hours a day, and it’s available on weekends and holidays as well. You can use it for intra-bank transfers and inter-bank payments. This service is widely used throughout India, so there’s no need to visit a bank branch or wait until the office opens.
Using IMPS is a great way to send money to anyone in the world. It offers a convenient alternative to NEFT or RTGS. You can also send money to any bank in the world. In a matter of minutes, you can send money anywhere in the world with a simple mobile phone. All you need is an internet connection and a valid bank account number. And when you’re ready, you can transfer money to your loved ones or business contacts.
Despite the benefits of using NEFT, the system isn’t perfect. NEFT has a limited time window of 8 am to 6 pm, while IMPS works twenty-four hours a day, seven days a week. It’s easier to use than NEFT, but NEFT can be much faster. Moreover, you don’t have to leave your home to make a transfer. In a real emergency, IMPS can provide immediate funding for an immediate financial need.
NEFT and IMPS are two popular electronic fund transfers in India. NEFT stands for national electronic fund transfer. NEFT is the preferred method of transfer for transactions up to Rs. 2 lakh. The maximum amount you can transfer using IMPS is two lakh rupees, but you may be able to do more depending on the limit of your bank. However, the fee for each transaction is between Rs. 5 and fifteen rupees.