IMPS Full Form in Banking
5paisa Research Team
Last Updated: 01 Jan, 2025 10:26 AM IST
Content
- What is IMPS in Banking?
- IMPS via Mobile
- IMPS via Internet banking
- IMPS via SMS
- What Are The Benefits of IMPS?
- Requirements for Making IMPS Transactions Online
- How to Receive Money Through IMPS to Your Bank Account?
- What is the IMPS Reference Number?
- Important Things To Know About IMPS
- List of Banks Offering IMPS Money Transfer in India?
IMPS, which stands for Immediate Payment Service,offers an efficient and quick money transfer service in India. With IMPS, individuals can make a purchase, pay bills or transfer money to family members or friends hassle-free. If you are eager to learn about IMPS in full form and all other relevant information, a thorough reading till the end will benefit you greatly.
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Frequently Asked Questions
The full form of MMID is Mobile Money Identifier, a 7-digit number used to identify an Indian mobile money account. It is used in the oeuvre of mobile banking and helps customers transfer funds through mobile. To enable this service, a customer must possess an active mobile banking account with the respective bank and their mYou shouldered with the bank. With the completion of the registration, the MMID is generated, which offers convenient money transfer facilities to the account holder.
The process of generating MMID is extremely easy. All you need to do is follow some simple steps which are mentioned below:
● Ensure the mobile number is registered with your mobile banking services or bank.
● Log in to your banking website or into your mobile app
● Select MMID generating option and select the bank account for which you want to generate the MMID.
● Your MMID will be instantly displayed on the screen and sent to you by the bank via SMS.
● Save it in your phone or note it down.
You can also visit your respective bank branch and request them to generate MMID for you.
Yes, IMPS transfer ensures the utmost safety and security. NPCI manages and makes transactions using advanced and top-notch encrypted technology to prevent transactions from phishers and phishers. Moreover, for IMPS transactions, the user must also authenticate the transaction using a PIN to OTP, which ensures that only the owner can engage in transactions of money from their account.
No, UPI and IMPS are not the same as they are two entirely different payment systems developed by NPCI (National Payments Corporation of India) to offer convenient electronic payment systems in India. The main difference is that UPI uses a virtual payment address to transfer funds instantly without the recipient's account details. On the other hand, to avail of IMPS service, it is essential to have the account number and IFSC code of the recipient's bank account.
Some banks offer IMPS transactions free of charge through Internet banking, and if initiated at the bank’s branch, some transaction fees might be involved. The transaction fees differ from one bank to another based on the transfer amount and transfer mode. Some banks often provide their value-added customers with unlimited IMPS transactions on a nominal flat fee.
IMPS transactions are carried out in real-time, meaning the fund's transfer occurs instantly between the recipient’s bank account and the transferer’s.
Yes, different banks might entertain different transaction fees for IMPS. Several factors affect the transaction amount, such as mode of transfer like mobile banking, ATM, or internet banking, and amount of transaction among many more. Most of the Bank IMPS transactions are free; others might charge a nominal fee. One can find the fee structure list for IMPS on the bank’s official website.
Yes, IMPS services can be availed yearly and around the clock. This also includes holidays and weekends. However, it is essential to remember that there may be some maintenance windows during which IMPS services become temporarily unavailable. The best way to avoid any inconvenience in IMPS services is to talk with your nearest bank branch to know about the availability of their services in detail.
Considering the transaction fees involved in IMPS and NEFT, NEFT is more affordable than IMPS. This is primarily because most banks provide free NEFT services for transactions initiated online through net banking. On the other hand, if a person intends to avail of NEFT services at the nearest branch, some transaction fees might be involved. However, the transaction fee of IMPS is generally charged based on the transaction amount while both being secured and reliable payment methods.
No, the IMPS service can’t be available offline as the system is an online process which assists customers in transferring funds instantly and with the utmost safety. The main reason why it can’t be available online is that the transaction must be initiated electronically through the medium of a participant’s bank account, an ATM supporting IMPS transaction or a net banking app.
The National Payments Corporation Of India manages the IMPS payment gateway. The Reserve Bank Of India established this non-profit organisation to create an efficient and effective infrastructure for successful payments in the country. Among various other payment systems managed by the National Payments Corporation of India, IMPS is one.
As a customer, ensuring a safe and secure transaction through IMPS is important. Below are some key precautions that might benefit:
● Use a secured internet connection during IMPS transactions.
● Never use unsecured networks or public Wi-Fi that can be compromised easily.
● Ensure the recipient’s details, including the account number and IFSC code, are verified before making the transaction.
● Setting a transaction limit often proves helpful for customers to avoid unauthorised transactions.
● Ensure that your device is secured and password protected. Also, make sure that your password isn’t shared with anyone.
As the processing of IMPS is done instantly, they cannot be cancelled or refunded instantly after being initiated. Although in case of any fraudulent, failed or erroneous transactions, a refund can be done. To get a refund, customers must contact their nearest bank branch or the bank’s customer care to initiate the refund.