The full form of IMPS is an Immediate Payment Service. This is one method of transferring funds electronically over the internet. Moreover, this is the fastest way to transfer funds. The methods work every day and are 24/7. They even work on bank holidays as well. This is an inter-banking system that will use your mobile phone as a platform to transfer funds. The IMPS came into existence in the year 2012 via the pilot features of the 4 banks. These four banks are, namely, State Bank of India, Bank of India, Union Bank of India, and ICICI Bank. Moreover, on November 22nd, it was publicly available to more than 50 banks, 100+ cooperative banks, etc.
IMPS means Immediate Payment Service. It is a kind of technique that is usually used for transferring funds automatically over the Internet. Also, it is intended to be the fastest way to do the transaction. Although these methods work every day and are 24/7, they even work on bank breaks as well. It also uses the mobile network to work correctly.
Furthermore, the feature is the best among the other two: RTGS and NEFT. It is fast and reliable, and it also uses the mobile network to work properly. The IMPS method also costs some small fees to operate, but that is completely affordable. We can transfer the funds in seconds with this feature without having to worry about any bank holidays or off-hours. NPCI (National Payments Corporation of India) is responsible for managing the proper working of IMPS.
How do I pay through IMPS? or how can I use it.
Log in to the application then select the IMPS menu of the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS. after that Get the Beneficiary Mobile number and MMID. then Enter all necessary details Beneficiary Mobile number, beneficiary MMID, Amount, and your MPIN to send.
IMPS (Immediate Payment Service) was founded on November 22, 2010. With the help of IMPS, we can pay the beneficiary at another bank within 60 seconds. The National Payments Corporation of India is the owner of IMPS (Immediate Payment Service). Around 200 million IMPS transactions take place every month in India.
What is the difference between IMPS and NEFT?
NEFT is managed by the Reserve Bank of India (RBI), whereas IMPS is operated by the National Payments Corporation of India (NPCI). The maximum limit for an IMPS transaction is INR 20,000 but there is no specific maximum transaction limit for NEFT.
| Term | Full Form |
| IMPS | Immediate Payment Service |
FAQ’s
This is one of the methods of transferring funds electronically over the internet. Moreover, this is the fastest way to transfer funds.
IMPS is short form of Immediate Payment Service.
Immediate Payment Service is full form of IMPS.
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