IMPS Full Form in Banking, What is The Full Form Of IMPS
IMPS (Immediate Payment Service)
First of all, know that the IMPS Full Form in Banking is: Immediate Payment Service and we can say it in Hindi, instant payment service. IMPS is a banking payment system service under which you can send money from one account to another in real time. Where it takes some time to send money to NEFT and RTGS, on sending money through IMPS, it is completed immediately, so that we do not have to wait any longer.
The National Payments Corporation of India first started Immediate Payment Service (IMPS). Through this service, you can transfer electronic funds to any bank through mobile phone, internet, ATM, anytime round the clock. This service was first launched in August 2010 as a pilot project and later on 22 November 2010 it was launched as a full service. Although initially it was launched by only a few key banks such as State Bank of India, ICICI Bank, Bank of India, but later other private banks like Axis Bank and HDFC Bank also started this service. Now the complete list of all banks providing this service is available on the NPCI website.
How to transfer money through IMPS
By the way, there are many ways through which you can transfer money in IMPS, today we will get complete information about them, which you can use in future.
How to IMPS through ATMs?
For this, you need a debit card number of the beneficiary’s, using ATMs to transfer funds. But here in this method, there is a limit on how much money you can transfer per day and per month. For this, you have to do a little check with your bank. These are some of the steps that you must follow:
- The first thing is to swipe your Debit Card and enter your ATM PIN.
- After that the funds transfer option will have to be selected and then go to the option of IMPS.
- Here your registered mobile number will be displayed on the screen.
- Then your beneficiary’s mobile and MMID number has to be done.
- After that fill the amount you want to transfer, then confirm these details and then send it.
- In a few seconds, money from your accounts is debit and credited to the receiver’s account.
- Once the money is transferred then you will receive an SMS where all your transaction details will be written.
How to do IMPS via SMS
Don’t have an internet connection? Still you want to transfer money. Do not panic at all because you can still use IMPS service via SMS. Here also you can add beneficiary through SMS format. You can get this SMS format from your bank’s website. Keep in mind that these formats are different in different banks. Here I have told you a fomat as an example.
IMPS <Beneficiary Mobile No> <Beneficiary MMID> <Amount> <MPIN>
Once it is finished then you can send money easily.
What are the benefits of IMPS?
The IMPS fund transfer service has changed the definition of online transaction itself. It is providing many benefits to its users today if their users have activated online / mobile banking services then. Here I am going to tell you about the benefits of IMPS.
Instant Fund Transfer: With the help of this, you can transfer funds in real time. For this, you need the account number and mobile number of the bus receiver. All these transactions take place in an instant.
Easy Process: These entire processes are completed very soon and with this they are also user-friendly. For this, you just have to add beneficiary details like we do in NEFT / RTGS and wait to become active. Some banks charge maximum 30 mins to transfer funds to the new beneficiary. Therefore, you have to keep details like their name, account number, IFSC or MMID (Mobile Money Identifier) code, bank account type, handy in front of you.
Round The Clock: Time never creates any obstacle between IMPS because you can do IMPS transfer at any time whether it is Sunday or any Public Holiday.
Money Transfer Channels: You can use many methods to send money in IMPS like net banking, mobile banking, ATMs or SMSs etc.
Where there is no internet facility also, you can send money in IMPS through SMS.
Open To All: This service can also be used by resident or non-resident Indians (NRIs) to transfer money.
Security First: Money transfer is very safe in IMPS, in which banks validate your transaction only after checking many times. But keep in mind that if you have filled any wrong beneficiary details then this fault will be yours only. However, if you have mistakenly sent money to a wrong beneficiary account, then you can contact your bank branch for refund.
FAQs About IMPS Full Form in Banking
Q 1. What is the IMPS full form?
A. The IMPS full form stands for Immediate Payment Service.
Q 2. What are the services available under IMPS?
A. Except fund transfer and remittances, IMPS can be used for online merchant payments, grocery bills, credit card bills, utility bills, school and college fees, and mobile top-ups and DTH recharge. Another unique payment function of IMPS includes National Unified USSD Platform (NUUP). NUUP provides banking services access to all the customers and works in all GSM enables handsets.
Q 3. Does the customer need to have a bank account to avail IMPS?
A. No, the customer is not required to have a bank account to avail IMPS. Unbanked customers can avail IMPS through PPI (Pre-paid Payments Instrument) issuer.
Q 4. Can a customer link more than one bank account to IMPS?
A. Yes, IMPS can be used for more than one bank account through mobile applications of specific banks or through one mobile application only.