Interbank Mobile Payment Service

Interbank Mobile Payment Service or IMPS allows interbank electronic fund transfers through Mobile devices. In simple terms, IMPS enable customers to access their Bank account through Mobile Device along with transfer of high interbank fund transfers in a secured environment. 

It belongs to National Payments Corporation of India, an organisation for all retail payment systems in India.This facility is provided by NPCI through its existing NFS switch. 

Considering, the current fund transfer channel mechanisms such as NEFT, One of the drawbacks is the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system.

Objective of IMPS:

1. To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and  remit funds
2.  Making payment simpler just with the mobile number of the beneficiary
3.  To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments
4.  To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner
5.  To build the foundation for a full range of mobile based Banking services.
6.  Available round the clock

Pre-requisites for Mobile Banking through IMPS

Registration for Remitter:
   * Register yourself for mobile banking service with bank
   * Get Mobile Money Identifier (MMID) and MPIN from the bank
   * Download Software (Application) for mobile banking 
     (ensure the compatibility of mobile with the application)
     or use the SMS facility in your mobile if your bank provides IMPS on SMS

Registration for Beneficiary:
   * Link your mobile number to the account in the respective bank. 
     No need to register for mobile banking service.
   * Get Mobile Money Identifier (MMID) from the bank

For Remitter (To send money):
   * Login to the application and select the IMPS menu from the IMPS or 
     use the SMS facility in your mobile if your bank provides IMPS on SMS
   * Get Beneficiary Mobile number and MMID
   * Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send
   * Await confirmation SMS for the debit in your account and credit in beneficiary account
   * Note the transaction reference number for any future query

For Beneficiary (To receive money):
   * Share your Mobile number and MMID with the remitter
   * Ask the remitter to send money using your Mobile number and MMID
   * Check the confirmation SMS for credit to your account from the remitter
   * Note the transaction reference number for any future query


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