Do IMPS for money transfer through your smartphones. It’s simple and easy!!

By: |
December 16, 2016 3:39 PM

All you need while transferring a message through your WhatsApp app is a smartphone having the internet connection. If you have the two, your messages are transferred on real time basis. IMPS also works on the same platform.

WhatsApp app, IMPS, smartphone, banking, banking app, internet, 4G, 3G, 2G, interbank, interbank fund transfer, SMS, IFSC, smartphones, momey transfer, transaction charges, service charge, (NFS) National Financial Switch., NPCI, cashless transcation, digital platform, MMIDImmediate payment service (IMPS) is a unique feature of transferring money from one person to another on a real time basis, unlike NEFT and RTGS which are time bound.

All you need while transferring a message through your WhatsApp app is a smartphone having the internet connection. If you have the two, your messages are transferred on real time basis. IMPS also works on the same platform. All you need to have are a smartphone with the internet facility and a banking app installed on your phone. As soon as you initiate fund transfer through your phone, it gets transferred immediately on real time basis to the concerned person to whom you wanted to send the money.

What is IMPS?
Immediate payment service (IMPS) is a unique feature of transferring money from one person to another on a real time basis, unlike NEFT and RTGS which are time bound. This instant service is available 24×7 even on holidays where the transfer of money can be done within the same bank or from one bank to another. Minimum of Rs.5+service tax transaction charges is applicable on every transfer of fund.

What are its benefits?
Make easy cashless transactions through a digital platform.
Payments can be done by using the mobile number of the beneficiary
IMPS is not time bound as it is available 24×7
Highly secured medium to transfer money
Maximum of Rs.2 lakhs can be transferred on real time basis.

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Options available to do IMPS
Through IFS Code: Transfer through IFSC requires the account number of the beneficiary. The maximum amount that can be transferred through IFSC is Rs.2lakhs. Before making any payment, you need to add the beneficiary by taking his mobile number, account number, and IFSC. Once you get the confirmation SMS, you can transfer the money by a few clicks.

Through MMID: Transfer through MMID (Mobile Money Identifier) requires a registered mobile in which you need to transfer the money. Maximum amount through MMID that can be transferred is Rs.5000 per day irrespective of the number of transactions made during the day to transfer this maximum ceiling amount.

How can I transfer money through IMPS?
It’s simple. You need to download a banking app (in which you are having your account) from a play store.
Log in through MPIN/ Password/ Customer ID, whichever suits you better, to maintain the security level
Click on third party transfer and select the IMPS option.
Select the mode of transfer whether through IFSC or MMID
Select the beneficiary name to whom you want to transfer the money.
Enter the amount and remark, and click on the send option. For more security, some apps send you an OTP on your registered mobile

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This facility of immediate payment service is provided by NPCI through its existing National Financial Switch (NFS).

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