IMPS Full-Form

IMPS Full-Form & Its Meaning in Banking

Immediate Payment Service is the full form of IMPS. IMPS is another real-time payment service, however, it differs in that it is available 24 hours a day, seven days a week, and even on holidays. You can transfer comparably smaller sums, up to Rs. 5 lakhs, instantaneously using IMPS.

As a result, IMPS may be thought of as a fund transfer channel that combines the greatest qualities of both RTGS and NEFT. You can send as little money as you want, whenever you want, with quick results. Although most IMPS services are used online, a few banks also provide SMS services. Check with your bank to check if SMS IMPS transfers are supported.

The National Payments Corporation of India provides the IMPS service (NPCI). Customers can use their services to transfer payments between banks and issuers of Prepaid Payment Instruments (PPIs). PPIs are devices that allow you to use the value contained in the PPI to purchase products and services or conduct fund transfers. Smart cards, magnetic stripe cards, digital wallets, and vouchers are all instances of PPIs. Individuals without bank accounts can use PPI to send money using IMPS.

IMPS Examples

IMPS can be used by anybody, anywhere to make a payment. For example, if both parties are registered IMPS users with their respective banks, one can pay the food bill to the shop owner using a mobile phone. Similarly, a taxi fare can be paid directly to the taxi driver via IMPS. Some of the examples of IMPS are:

1. Axis Bank NEFT RTGS IMPS
2. Bank Of Baroda NEFT RTGS IMPS
3. Canara Bank NEFT RTGS IMPS
4. HDFC Bank NEFT RTGS IMPS
5. ICICI Bank NEFT RTGS IMPS
6. Indian Overseas Bank NEFT RTGS IMPS
7. IndusInd Bank NEFT RTGS IMPS
8. Kotak Mahindra Bank NEFT RTGS IMPS

IMPS Apps

It can be done with the help of the iMobile App, internet banking, or SMS. The IMPS service allows you to rapidly access your bank account and transfer funds. When you request a fund transfer through your mobile phone/internet banking, the beneficiary account is immediately credited.

The following is a list of India's top ten mobile banking applications:

1. ICICI iMobile Application
2. HDFC MobileBanking App
3. State Bank of India YONO App
4. HDFC PayZapp
5. Bank of Baroda M-Connect Plus App
6. Axis Mobile App
7. Kotak- 811 & Mobile Banking App
8. IDBI Go Mobile+ App
9. CANDI- Mobile Banking App
10. PNB ONE Mobile Banking App

What is the Process of IMPS Login & Transfer?

To send money via IMPS, you must first sign up for the bank's mobile banking service and obtain a Mobile Money Identifier (MMID) and MPIN from the bank. Ensure that your beneficiary or recipient has the MMID as well.

The procedure for transferring IMPS funds via net banking is as follows:

Log into your bank's net-banking portal;

Add an IMPS beneficiary by entering the beneficiary's account number, account type, IFSC Code, name, and contact information;

Once your bank confirms that the beneficiary has been added, go to Fund Transfer and select the beneficiary to whom you want to send funds.

After that, the beneficiary's account information will appear, and you can enter the Amount and Remarks (optional). After you confirm the payment, your funds will be transmitted quickly using IMPS.

The procedure for sending an IMPS payment using mobile banking is as follows:

Log into your bank's mobile banking application;

If the beneficiary has not already been added (the process of adding a beneficiary has been described above), click on the Send Money/Fund Transfer tab and select the IMPS option;

Then, enter the Beneficiary's mobile number, the amount, and the beneficiary's Mobile Money Identifier;

Once the beneficiary has been added, click on the Send Money/Fund Transfer tab and select the IMPS option; once the beneficiary has been added, click on the Send Money/Fund (MMID).

Your money will be sent after you validate your Mobile PIN, and the bank will give you a confirmation text message with the transaction number. You can use that transaction number for providing comments, making inquiries, or filing complaints.

Furthermore, to receive money via IMPS, simply supply the payer with your cell number and Mobile Money Identifier (MMID), and the payer will be able to send you money via IMPS. If the payment is paying you using IMPS net-banking, you must supply the payer with your account information, such as account name, account number, IFSC code, and so on, for the payer to add you as a beneficiary.