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The payment system of India is improving day by day because earlier we used to visit a bank’s branch to transfer money from one account to another but now we can do the same from our mobile phones or laptop. This can only be possible through NEFT, IMPS, and RTGS payment systems. We are going to discuss the IMPS system how it is used to transfer money. But do you know the IMPS full form? If not, then IMPS stands for Immediate Payment Service in which you can transfer money from one account to another in a few seconds. As soon as the payment is debited from your account, it is credited to the beneficiary’s account. So, let’s know more about the features of IMPS payments.
Features and Benefits of IMPS (Immediate Payment Service)
You can explore the uses of IMPS below and see how it saves a lot of time for the individual when he wants to transfer money from his account to another bank account.
Immediate Fund Transfer
As the name says that Immediate Payment Service so the funds are transferred immediately when the individual makes use of the IMPS. All the funds are transferred instantly in a secured manner to the beneficiary’s account whether it is transferred to the same bank account or a different bank account.
You can use the IMPS round the clock and transfer funds anytime and from anywhere. There is no need to visit the branch and fill up the form to transfer the money. All, you have to use your mobile phone and the bank’s application to process the payment. This service is also available on bank holidays and public holidays.
Once you make the money transfer through IMPS, some banks send you a confirmation message that the amount has been credited to the beneficiary’s account. You will not have to ask the beneficiary for the confirmation because you will receive the message on your mobile phone once the money is credited to the beneficiary’s account.
Used for Different Parties
Immediate Payment Service is not only used to transfer money to a person but you can also transfer money to the merchants. All you need is to have the receiver’s account details and use them to easily transfer money whether to a person or a merchant.
Used for Different Purpose
You can make use of IMPS not only to transfer money but also to make several other payments like:-
- Utility Bill Payments
- Travel and Ticketing
- OTC Payments
- Insurance Premium Payments
- Online Shopping
- Pay the fee of school, colleges, and universities
Details Required for IMPS
- Name of the Beneficiary
- Account Number of the Beneficiary
- IFSC Code of the Beneficiary’s Bank
- MMID of the Beneficiary
You will just have to open the mobile banking app of your respective and go to the Fund Transfer option. Then provide the above details of the beneficiary and transfer money instantly through IMPS to the beneficiary’s account.
Points to Remember before Using IMPS
- IMPS always need internet bank service or the Mobile Banking Application of the respective bank.
- All the information related to the beneficiary’s bank account should be entered correctly.
- The IMPS Transfer will fail if you enter any wrong information while transferring money.
- The mobile phone must have working internet service.
- Individuals need to have sound knowledge about internet banking and the mobile banking of their respective banks.