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IMPS — Immediate Payment Service
IMPS Full-Form refers to Immediate Payment Service. IMPS are a real-time electronic transfer system of funds in India. It offers instant fund transfer service between different banks via mobile phones. This service can be used 24*7 on all days of a year. This also includes bank holidays. The NPCI or National Payments Corporation of India manages the IMPS. It is based on the National Financial Switch (NFS) network. Before making the IMPS available for all banks, NPCI first carried it out with four member banks, which are the UBI or Union Bank of India, SBI or the State Bank of India, the ICICI Bank and the BOI or Bank of India in the year 2010.
Later, it expanded the IMPS network and included the HDFC Bank, Axis Bank, and the Yes Bank. The public launching of IMPS took place on the 22nd of November of the year 2010. The main objective of the IMPS is to enable the usage of mobile phones as a means for the customers to remit funds and access their bank accounts. It makes the payment procedure simpler since only the beneficiary’s mobile number is needed to perform the transaction. The goal of RBI to electronify the retail payment is fulfilled by this system.
The mobile payment system adheres to the mobile payment guidelines that were introduced by the RBI in the year 2008. This helps in making the mobile payment system more secure and safe. Additionally, it has also provided a foundation for various banking services that are based on mobile phones. The Remitter needs to register himself first with the bank’s mobile banking service. After getting the MPIN and MMID (Mobile Money Identifier) from the bank, the software for mobile banking must be downloaded. For registering a beneficiary, the beneficiary must link his mobile number to the respective bank account, and obtain the MMID or Mobile Money Identifier from the bank.