IMPS - Interbank Mobile Payment Service Instant Interbank Funds Transfer

National settlement company in India, (, Npci ) mobile payment services between banks (which started the IMPS twenty-two in Novemeber, 2010). See Also installment payday loans wisconsin .

It is through mobile phones in the world to enable transfer between individuals, service of its kind, is the first. Check out also instant tax refund loan . It provides an instant money transfer service on your mobile phone at any time other people registered for services in any of the participating banks IMPS.

Necessity of IMPS:

As of now, the transfer of funds between banks, the National Electronic Funds Transfer (NEFT) is done through. This is a real-time services that are settled in batches and transactions not transfer these problems is a time lag.
Real Time Gross Settlement is already there (RTGS) is a transfer service money instant most of the other available by the name of it is a transfer limit minimum of 2 lakhs (men much more common is what to do in general, above), which can be done only during working hours banking. See Also instant cash advance loans .
Since, RBI will bring benefits to ordinary people across the country (in addition to rural areas) is included in order to support the country's financial system and felt the need for affordable money transfer systems in real time. It also will reduce the cash handling of RBI country following should print money.

Bank account numbers (30 crore) is over 60 crore mobile phone users in India is much higher than that. Transfer via mobile phone so does not make sense. Once you start using the IMPS anyone using it man cab, subzi and local shopkeepers - will be able to pay even wala.

Benefits of IMPS:
  • Transfer of 24 7, the bank holidays. In addition,
  • Reasonable prices
  • Instant Confirmation
  • Automation
  • Simple and easy to use
  • Safe and Secure
  • Quickly and cost-effective
  • Real-time
  • Does not require a computer and internet
Transfer costs:

IMPS service is free until March 2011. After March 2011, NPCI will charge a plural form of 25 paisa per transaction to the bank.

At this point, the customer must pay the tax charged by the telecommunications service provider or SMS GPRS. For SMS-based remittance, NPCI is abandoned by talking to mobile operators are trying to get off.

Rules of RBI Rs.50, capping the maximum amount remitted to 000 days.

Transfer process:

Mobile customers if you have not already done so, you must be registered in his bank in order to enable mobile banking.

Banks, for special applications that use the service (Java application mainly) to provide. Check out also instant cash no fees . Download links to the bank's application:

If the phone is not supported, the transaction can be done via SMS.

Bank account holders, banks (ID corresponds to a unique savings account for all) from, MMID his seven-digit identifier (mobile money) you need to get the number.

How to transfer money:

  • Please enter your 10-digit mobile phone number of beneficiaries
  • Please enter your seven-digit number of beneficiaries MMID
  • To provide traffic
  • Bank certification (MPIN ID and users / customers) to provide.
  • Once your information has been authenticated is transferred money from your account immediately.
  • It also gets the status of the transaction and SMS.

How to receive money:

In order to receive an instant money transfer to your account, you will need to share and mobile phone number and MMID recipient.

Interbank Mobile Payment Service IMPS 300x174 Instant interbank funds transfer through mobile phone (IMPS)

Participating banks:

Already live in:

To start immediately:

  • Use, a bank in the middle
  • Citibank
  • Standard Chartered Bank
  • Canara Bank
For NPCI:

Reserve Bank of India (RBI) has set up a system for all retail payment systems in the country. Currently, the core promoter of the 10 banks (State Bank of India, Punjab National Bank, Bank Canara, Bank of Baroda, Union Bank of India, Indian Bank, Bank ICICI, Bank HDFC, HSBC and Citibank) are. Shri NR Jana Council partners Mercy errors as chairman, president, Infosys Technologies has been composed.

NPCI other projects:

  • National Financial Switch (NFS) has 41 member banks covering about 60 200 such as an ATM on June 30, 2010. Average daily volume is about 2.75 million at the peak of 3.1 million volumes in June 2010.
  • Electronic payment services in India (ECS), called the Automated Clearing House (ACH).
  • National payment card system is another goal that is pursued by NPCI is to create a card in countries like China, China UnionPay. In the future, is planned to be routed through the card system for all domestic domestic transactions. See Also instant sms loans .

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