What is IMPS?

IMPS is a payment service or a method for instant money transfer. It has been developed by the National Payments Corporation of India (NPCI). IMPS is a real-time and secure money transfer system through which we can transfer money 24×7, even on public holidays. IMPS facility can be availed through various methods such as mobile, internet, ATM, and SMS. It has made it very convenient to send and receive money from anywhere and anytime.

IMPS stands for Immediate Payment Service. It is controlled by NPCI. The National Financial Switch Framework is the base for the development of IMPS. IMPS, as developed today, went through many stages and has a significant history of development. Various milestones in IMPS development are as follows:

  • August 2010: NPCI conducted a pilot study on the topic of mobile payment systems in collaboration with various banks such as SBI, ICICI, BOI, etc.
  • September 2010: This project was joined by Yes Bank.
  • October 2010: This project was joined by Axis Bank.
  • November 2010: This project was joined by HDFC Bank.
  • 22 November 2010: IMPS was publicly launched on this date by Shyamala Gopinath, DG at RBI, Mumbai.
  • Initially, it was launched only by 4 banks, which are Union Bank of India, State Bank of India, Bank of India and ICICI Bank, but now this facility has been implemented by more than 150 banks across the country.

Immediate Payment Service (IMPS): Full Form, Features, Procedure and Charges

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What is IMPS?

IMPS is a payment service or a method for instant money transfer. It has been developed by the National Payments Corporation of India (NPCI). IMPS is a real-time and secure money transfer system through which we can transfer money 24×7, even on public holidays. IMPS facility can be availed through various methods such as mobile, internet, ATM, and SMS. It has made it very convenient to send and receive money from anywhere and anytime....

Features of IMPS

IMPS has the following features:...

What is the Procedure of IMPS?

In order to use IMPS, a user needs to register for the mobile banking or internet banking service provided by the bank. The bank then provides the user with Mobile Money Identifier (MMID) and mobile banking personal identification number (MPIN). An IMPS transaction also requires the sender to have the bank account number and the receiving bank’s IFSC code. With all this information, a user can use IMPS service through various modes as follows:...

How does IMPS work?

Any IMPS transaction requires to follow a certain procedure for the processing of the transaction. The procedure followed for the settlement of an IMPS transaction are:...

What are the Charges for IMPS?

Each IMPS transaction involves a small amount of charges depending upon the amount being transferred. Various amounts of charges on the amount being transferred are shown below:...

What are the IMPS Timings?

IMPS is not restricted by the timings. It can be done anytime and anywhere, 24 x 7 round the clock, even on bank and public holidays. Thus, IMPS provides an easy way to transfer funds even if the bank is closed. However, IMPS may be affected by the server issues of the bank or maintenance activities and usually, an appropriate message is shown to the user in such cases on the funds transfer page....

What is the Limit of IMPS?

IMPS transactions involve a limit of ₹5 lakhs per user per account per day and are subject to the availability of funds in the user’s account. This limit has been imposed in view of the security of the users and to prevent any fraudulent transactions in the user’s account. It also ensures that the servers are not flooded with requests and every user is able to do the transaction effortlessly and easily with minimal failure and errors....

Frequently Asked Questions

Q1. When was IMPS publicly launched?...