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Overview of IMPS Fund Transfer Service

IMPS provides real-time fund transfers between banks across India using mobile phones, internet, ATMs, or SMS. It allows customers to instantly transfer funds using only the recipient's mobile number. Over 639 banks and payment institutions participate in IMPS to build a foundation for mobile-based banking services and support India's goal of increasing electronic payments.

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Kuriya Hardik
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554 views3 pages

Overview of IMPS Fund Transfer Service

IMPS provides real-time fund transfers between banks across India using mobile phones, internet, ATMs, or SMS. It allows customers to instantly transfer funds using only the recipient's mobile number. Over 639 banks and payment institutions participate in IMPS to build a foundation for mobile-based banking services and support India's goal of increasing electronic payments.

Uploaded by

Kuriya Hardik
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Product Overview

 IMPS provides robust & real time fund transfer which offers an
instant, 24X7, interbank electronic fund transfer service that
could be accessed on multiple channels like Mobile, Internet,
ATM, SMS. IMPS is an emphatic service which allow transferring
of funds instantly within banks across India which is not only
safe but also economical. Currently on IMPS, 639 members are
live which includes banks & PPIs.

Objective of IMPS

I. To enable bank customers to use mobile instrument as a


channel for accessing their banks accounts and remit funds
II. Making payment simpler just with the mobile number of the
beneficiary
III. To sub serve the goal of reserve bank of India in electrification
of retail payments
IV. To build the foundation for a full range of mobile based
banking services.

The participants for IMPS will be as follows


 Remitter(sender)
 Beneficiary (Receiver)
 Banks
 National financial switch – NPCI
Pre requisites for mobile banking through IMPS
Registration for remitter:

 Register yourself with the mobile banking services of the bank


 Get mobile money identifier and MPIN from the bank
 Download software for mobile banking

Registration for beneficiary:

 Link your mobile number to the account in the respective bank


 Get mobile money identifier from the bank

Additional information's:
 IFSC code -11 digit alphanumeric number, available in the uses
Cheque book
 Mobile number+ MPIN
IMPS transactions can also be initiated from ATMs and Internet
banking channels. Authentication will be done for remitting
customers while using the ATM channel as follows

 Card+ ATM PIN


Authentication will be done for remitting customers while using
the Internet banking channel as follows

 User ID+ Internet banking password/transaction password:


While initiating an IMPS transaction using either ATM or Internet
channel, mobile banking registration for a remitting customer is
not mandatory. Similarly, for customers receiving money using
account number/IFSC, or using AADHAAR number, mobile banking
registration is not mandatory.
IMPS - Consumer Awareness
 Do not share your debit card details (Card number, Expiry date & CVV
number)

 Do not share any OTP that you receive

 Do not forward SMSes to unknown numbers

 Do not share your net/mobile banking login password

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