In the last few years, the Indian government has launched several payment systems that facilitate immediate transactions. As the time went by and net-banking became advanced, customers could start making payments using their mobile phones. One such popular payment system launched by the government, and facilitated by the National Payment Corporation of India is the IMPS or Immediate Payment Service, which is one of the most secure methods of fund transfer. Available 24*7, IMPS facilities are offered by almost all big banks in India such as Axis Bank, HDFC Bank and nationalized banks like State Bank of India and Punjab National Bank among others. Let’s look at the functionality, benefits and uses of IMPS fund transfer.
How does IMPS work?
The IMPS system uses a customer’s mobile number and/or Aadhaar card number in order to connect with a bank account. If you choose IMPS to send money to any bank account, the system first connects you with your bank account using your registered mobile number. Unlike other payment methods such as RTGS or NEFT, IMPS does not directly transfer funds to the beneficiary’s account directly. Instead, funds are transferred from your bank account to your mobile number, after which the money is transferred to the beneficiary’s mobile number. The money is finally credited to the beneficiary’s bank account. All of this is done in real-time, within a few minutes.
Benefits of IMPS
Both, senders and receivers can reap several benefits by using IMPS transfer such as
• Money is sent in real-time and credited into the beneficiary's account within a matter of seconds
• This method of fund transfer is as safe and secure as it is efficient
• There is no minimum amount of money that you can transfer. You could transfer as little as ₹1 up-to ₹200,000 per day, depending on your bank
• The facility is available 24*7, even on public holidays and bank holidays
• Customers can make both intra-bank and inter-bank transfers using IMPS
• You can use IMPS on your mobile phones, for internet banking and even in ATMs
• You needn't know the beneficiary's account number or bank IFSC code. The money can be transferred using only the beneficiary's Aadhar card, mobile number and MMID
• Receive instant debit and credit confirmation via SMS
Usage and services
You can use IMPS to avail several services and to transfer funds using mediums like mobile phones; smart phones and basic phones. You can also use your bank's net banking facility or your ATM card to avail IMPS services. Apart from transferring funds using mobile number and MMID (mobile money identifier), Aadhar number and bank account and IFSC code, you may also choose from the following services for IMPS fund transfer
• Funds transfer via UPI; a mobile app based payment method
• Merchant payments – Use MMID to pay retailers
• USSD banking (*99# Banking) – It gives you the facility to transfer funds through your feature phone
• QSAM – dial *99*99# to know the Aadhaar number and bank account link status
How does IMPS work?
The IMPS system uses a customer’s mobile number and/or Aadhaar card number in order to connect with a bank account. If you choose IMPS to send money to any bank account, the system first connects you with your bank account using your registered mobile number. Unlike other payment methods such as RTGS or NEFT, IMPS does not directly transfer funds to the beneficiary’s account directly. Instead, funds are transferred from your bank account to your mobile number, after which the money is transferred to the beneficiary’s mobile number. The money is finally credited to the beneficiary’s bank account. All of this is done in real-time, within a few minutes.
Benefits of IMPS
Both, senders and receivers can reap several benefits by using IMPS transfer such as
• Money is sent in real-time and credited into the beneficiary's account within a matter of seconds
• This method of fund transfer is as safe and secure as it is efficient
• There is no minimum amount of money that you can transfer. You could transfer as little as ₹1 up-to ₹200,000 per day, depending on your bank
• The facility is available 24*7, even on public holidays and bank holidays
• Customers can make both intra-bank and inter-bank transfers using IMPS
• You can use IMPS on your mobile phones, for internet banking and even in ATMs
• You needn't know the beneficiary's account number or bank IFSC code. The money can be transferred using only the beneficiary's Aadhar card, mobile number and MMID
• Receive instant debit and credit confirmation via SMS
Usage and services
You can use IMPS to avail several services and to transfer funds using mediums like mobile phones; smart phones and basic phones. You can also use your bank's net banking facility or your ATM card to avail IMPS services. Apart from transferring funds using mobile number and MMID (mobile money identifier), Aadhar number and bank account and IFSC code, you may also choose from the following services for IMPS fund transfer
• Funds transfer via UPI; a mobile app based payment method
• Merchant payments – Use MMID to pay retailers
• USSD banking (*99# Banking) – It gives you the facility to transfer funds through your feature phone
• QSAM – dial *99*99# to know the Aadhaar number and bank account link status
No comments:
Post a Comment