Immediate Payment Service (IMPS)
- What is IMPS?
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc
IMPS is an innovative real time payment service that is available round the clock. This service is offered by National Payments Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India.
- What are the benefits of IMPS?
- Instant
- Available 24 x7 (functional even on holidays)
- Safe and secure, easily accessible and cost effective
- Channel Independent can be initiated from Mobile/ Internet / ATM channels
- Debit
- & Credit Confirmation by SMS
- What are the services available under IMPS?
- Funds Transfer and Remittances
- Sending Money 2. Receiving Money
- Merchant Payments
o Grocery bills
o Travel & Ticketing
o Credit Card bills
o Utility bills
o Online shopping
o School & College fees o Mobile top ups & DTH recharge
- National Unified USSD Platform (NUUP)
NUUP (National Unified USSD Platform) is a USSD based mobile banking service from NPCI that brings together all the Banks and Telecom Service Providers. In NUUP, a customer can access banking services by just pressing *99# from his/her mobile phones. This service works across all GSM mobile handsets.
- Query Service on Aadhaar Mapper (QSAM)
QSAM (Query Service on Aadhaar Mapper) – This service helps user in knowing their Aadhaar Seeding status with their bank account.
o This service can be availed by dialling *99*99#.
o User will know whether his/her AADHAAR number is seeded/linked to any bank account number or not.
o If yes, then with which bank and when it was last updated
- How do I get IMPS enabled?
Sender
The customer has to do the Mobile Banking Registration if he/she wants to initiate the transaction through mobile channel. For internet, ATM and bank branch channels, mobile registration is not required.
Receiver
Collect his/her MMID from bank and share with sender or alternatively share his/her Account number & IFS code or Aadhaar number for receiving money. The receiver can register his/her mobile no. for getting SMS alerts for transactions.
- How do I transfer funds using IMPS?
The following channels may be used to initiate IMPS transactions.
- Mobile phones
- Smartphone- Bank App/ SMS / WAP/USSD (NUUP)
- Basic phone-SMS/USSD (NUUP)
- Internet- Bank’s Internet banking facility
- ATM-By Using ATM Card at Banks ATM
The sender enters receivers details like:
- MMID & Mobile no. or Account number & IFS Code or Aadhaar number
- Amount to be transferred
- Remarks/Payment Reference number
- Sender’s M-PIN
Both sender & receiver get SMS confirmation.
- Does the customer need to register to remit the funds through IMPS?
For using IMPS on mobile phones, a customer will have to register for mobile banking with his/her individual bank. However, for initiating IMPS using Bank branch, Internet banking and ATM channels, no prior Mobile banking registration is required.
- Does the customer need to have a bank account for availing IMPS?
Both banked as well as un-banked customer can avail IMPS. However, unbanked customer can initiate IMPS transaction using the services of Pre-Paid Payments instrument issuer (PPI).
- Can a customer link more than one account to the same mobile number?
Yes, customer can link more than one account to the same mobile number. However each A/C no. will have different MMID.
- Is the beneficiary customer also required to register for IMPS?
No need for registration, if receiving money using bank account details or Aadhaar Number. However, for receiving money using Mobile no. & MMID, Mobile registration is mandatory.
- What is MMID? How do I get this Issued?
Mobile Money Identifier is a 7 digit number, issued by banks. MMID is one of the input which when clubbed with mobile number facilitates fund transfer. Combination of Mobile no. & MMID is uniquely linked with an Account number and helps in identifying the beneficiary details. Different MMID’s can be linked to same Mobile Number. (Please contact your bank for getting the MMID issued)
- What are the options available for a customer for doing IMPS transaction?
- Using Beneficiary Mobile no. and MMID
- Using Beneficiary Account no. and IFS Code
- Using Beneficiary Aadhaar Number
- Who all are offering IMPS?
Banks and non-bank entities (RBI authorized PPI’s) are offering IMPS to the customers across India. List of member banks and PPIs providing the IMPS services is available on http://www.npci.org.in/bankmember.aspx
- What happens if my mobile phone is lost?
Customers need to inform their banks and deactivate their Mobile banking services.
- Is the facility of Stop payments is available on IMPS?
No, IMPS is an immediate fund transfer service, after initiating the payment request payment cannot be stopped or cancelled
- If I change my Mobile no., do I again need to register for Mobile Banking?
Yes, customer needs to update their new mobile number with their banks.
- If I change my Telecom service provider, do I need to register again?
No need for re-registration if there is no change in mobile no., Registration is only requested if there is a change in mobile number only.
- What are the timings for initiating and receiving IMPS remittances?
IMPS transactions can be sent and received 24X7, (round the clock), including on holidays.
- What are the charges for the customer for sending and receiving remittances using IMPS?
The charges for remittance through IMPS are decided by the individual member banks and PPIs. Please check with your bank or PPI