Your best friend calls you at 3 am asking for a lump sum of money. His father needs to get hospitalised immediately. Of course, you would not have so much of cash at home. You will have to resort to some online payment method. Over the years, Indian banks have adapted to the latest technology and have introduced online payment methods such as NEFT, RTGS, UPI and another frequently used medium is Immediate Payment Service (IMPS).
What is IMPS transfer and how does it function?
It is a 24*7 service that is widely used over smartphones. It helps customers to keep a check on their bank accounts and give/take funds from accounts. IMPS was introduced by National Payments Corporation in India (NPCI) in 2010. It is an instant mode of payment as funds get transferred within seconds. Here the funds get moved to the beneficiary’s mobile number, unlike RTGS and NEFT where you can transfer funds via net banking.
Here is how IMPS fund transfer function:
1) Ensure you have a bank account with the related bank
2) Enrol for the IMPS service for using the service via mobile
3) Once registered, you will receive Mobile Money Identifier (MMID). It is a 7-digit number of which the last three digits is your account and the first four digits unique identification number provided by the bank
4) You will have to provide the payee’s MMID and mobile number to conduct the transaction
5) You will be charged a fee for the operation that varies from bank to bank
What are the services offered by IMPS?
1) Fund transfer using mobile number
2) Fund transfer using Aadhaar card
3) Fund transfer using IFSC and account number
4) Make merchant payments using MMID
5) USSD banking to for fund transfer through the feature phone
6) QSAM feature where you have to dial *99*99# and know the link status of your Aadhaar and bank account
What benefits do the users derive from IMPS transfer?
1) You can send money in real time. With 24*7 service, the money gets credited to the payee's account in few seconds
2) IMPS is safe and secure. You can conduct the transaction conveniently
3) There is no cap on cash to be transferred. You can move money as low as INR 1
4) You can conduct inter as well as intrabank payment
5) The IMPS fund transfer service can be done via mobile phones, net banking and ATM
6) The payee’s bank details are not required here. Knowing the MMID and mobile number is sufficient
7) You get the debit as well as credit information on your mobile number
What is IMPS transfer and how does it function?
It is a 24*7 service that is widely used over smartphones. It helps customers to keep a check on their bank accounts and give/take funds from accounts. IMPS was introduced by National Payments Corporation in India (NPCI) in 2010. It is an instant mode of payment as funds get transferred within seconds. Here the funds get moved to the beneficiary’s mobile number, unlike RTGS and NEFT where you can transfer funds via net banking.
Here is how IMPS fund transfer function:
1) Ensure you have a bank account with the related bank
2) Enrol for the IMPS service for using the service via mobile
3) Once registered, you will receive Mobile Money Identifier (MMID). It is a 7-digit number of which the last three digits is your account and the first four digits unique identification number provided by the bank
4) You will have to provide the payee’s MMID and mobile number to conduct the transaction
5) You will be charged a fee for the operation that varies from bank to bank
What are the services offered by IMPS?
1) Fund transfer using mobile number
2) Fund transfer using Aadhaar card
3) Fund transfer using IFSC and account number
4) Make merchant payments using MMID
5) USSD banking to for fund transfer through the feature phone
6) QSAM feature where you have to dial *99*99# and know the link status of your Aadhaar and bank account
What benefits do the users derive from IMPS transfer?
1) You can send money in real time. With 24*7 service, the money gets credited to the payee's account in few seconds
2) IMPS is safe and secure. You can conduct the transaction conveniently
3) There is no cap on cash to be transferred. You can move money as low as INR 1
4) You can conduct inter as well as intrabank payment
5) The IMPS fund transfer service can be done via mobile phones, net banking and ATM
6) The payee’s bank details are not required here. Knowing the MMID and mobile number is sufficient
7) You get the debit as well as credit information on your mobile number
No comments:
Post a Comment