6/14/2017 IMPS, What is IMPS Transfer, IMPS Payment - BHIM & UPI Apps

IMPS, What is IMPSBHIM & UPI Apps

Transfer, IMPS Payment
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The full form of IMPS is Immediate Payment Service. It is launched in 2010 by Indian
government and is facilitated by NPCI (National Payment Corporation of India). As
the name suggests, it completes transactions immediately. It is a service which
allows you to make payments using your mobile number. It uses mobile number or
Aadhaar number to connect to bank accounts and complete payments. Hence, it is a
secure method for transferring funds. The services of IMPS are available 24X7 and
even on holidays.

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Almost every big bank is the part of IMPS. The customers of SBI, HDFC, PNB, Canara,
BoB, ICICI Bank, Axis bank and other banks can use the IMPS fund transfer facility.

How It Works
IMPS uses mobile number or Aadhaar number to connect with a bank account. When
you send money to anyone using IMPS, it first connects you to your bank account
using your mobile number. Unlike NEFT and RTGS, it does not transfer funds directly
to the beneficiarys account. But it first transfers funds from your account to your
mobile number. Then it transfers that fund from your mobile number to his/her
mobile number. And at last from beneficiarys mobile number to his/her account.

The Benefits of IMPS

1. You can send money in real time. Money will be credited in Beneficiarys account
within a few seconds.
2. IMPS is safe, secure and cost effective.
3. No minimum amount limit on transactions. You can even transfer 1 only with

IMPS.
4. IMPS is available 24X7 and on holidays also.
5. You can make intra bank as well as interbank payments.
6. Can be used on a mobile phone, internet banking and even ATMs.
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6. Can be used on a mobile phone, internet banking and even ATMs.

7. Knowing beneficiarys Account number and IFSC is not compulsory in IMPS. You
can transfer funds using MMID, Aadhaar number and mobile number only.
8. You get the Debit & Credit Confirmation by SMS immediately.

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Usage of IMPS
IMPS can be used to avail many services. One of the governments most praised
service *99# banking is also based on IMPS. You can use IMPS to transfer fund
through these mediums.

Mobile phones
Smartphone- Bank App/ SMS / WAP/USSD (NUUP)
Basic phone-SMS/USSD (NUUP)
Internet- Banks Internet banking facility
ATM-By Using ATM Card at Banks ATM

You can avail following services using the IMPS banking

1. Funds transfer using mobile number and MMID

(https://upipayments.co.in/mmid/)
2. Funds transfer using Aadhaar number
3. Funds transfer using IFSC (https://upipayments.co.in/ifsc-code-get/)and
Account number
4. UPI (https://upipayments.co.in) It is a mobile app based payment method
which uses VPA of beneficiary.UPI works on IMPS structure.
5. Merchant payments You can pay to a merchant using his MMID.
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5. Merchant payments You can pay to a merchant using his MMID.

6. USSD banking (*99# Banking) (https://upipayments.co.in/99-banking-ussd-
payment/) It gives you fund transfer facility through the feature phone
7. QSAM By dialling *99*99# you can know the Aadhaar and bank account link
status.

Recommended: Aadhaar payment App (https://upipayments.co.in/aadhaar-

payment-app/) would kill Swipe Machine

How Do I Enable IMPS

If you want to send the money through IMPS using mobile then you have to
register for the mobile banking. Some banks register you for mobile banking at
the time of account opening while others need seprate application to activate
the mobile banking.
However you can use IMPS through the net banking, ATM and branch without
the activation of mobile banking.
If you are going to get money through the IMPS method, you dont need to do
anything. The money would be credited to your account and you will get SMS in
your mobile. However, you can also get MMID from your bank to recieve money
easily. MMID can be used instead of bank account number and IFSC or Aadhaar
number.

IMPS Charges
Facilitating IMPS costs some money not only to banks but also to government. Hence
the transactions using IMPS have some charges.

Rs 2.5 + service tax on transfers up to 10,000.

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Rs 2.5 + service tax on transfers up to 10,000.

Rs 5 + service tax on transfers from 10,000 to 1,00,000.

Rs 15 + service tax on transfers from 1,00,000 to 2,00,000.

IMPS vs NEFT
In NEFT, funds are transferred from one account to another in batches. When you
transfer money to an account it does not credit immediately. Rather it credits in the
next settlement cycle which happens in every 60 minutes. Where all the payments
made thru IMPS immediately credit to the beneficiarys bank account.

Also, you can use NEFT only from 8.00 am to 7.00pm on weekdays and from 8.00 am
to 1.00pm on first and third Saturdays. This service cannot be used on bank holidays.
But in the case of IMPS, you do not need to worry about holidays or timings. You can
use IMPS even at midnight or on bank holidays.

IMPS vs RTGS
Funds transfers using RTGS are also settled in real time. But RTGS is a payment mode
for large sum of money. Funds which are less than 2,00,000 cannot be transferred
using RTGS. Where in IMPS, there is no minimum amount limit.

RTGS can be used from 9.00am to 4.30pm on weekdays and from 9.00am to 2.00pm
on Saturdays. Just like NEFT, RTGS also cannot be used during bank holidays. On the
other hand IMPS can be used anytime.

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IMPS vs UPI
Indian governments newly launched service UPI is also a service to send and receive
money. Just like IMPS, it also can be used round the clock and on holidays. The
transactions done using UPI are also settled instantly. But there are some added
features also in UPI. These features include virtual payment address
(https://upipayments.co.in/virtual-payment-address-vpa/) and collect money using
UPI.

UPI has a limit on transactions of maximum 1,00,000 per day. But the transaction
limit for IMPS differs from bank to bank. Most of the banks have set it to 2,00,000.
There is no minimum limit on both these services.

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What is UPI App: Unified Payment Interface

of India (https://upipayments.co.in/upi-
payment-system/)

IMPS Transfer Charges Through SBI, ICICI

and HDFC Bank
(https://upipayments.co.in/imps-transfer-
charges-sbi-icici-hdfc-bank/)

BHIM Customer Care and Toll-free Helpline

To Book Complaint
(https://upipayments.co.in/bhim-customer-
care-toll-free-helpline/)

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BHIM Aadhaar Pay App: How To Download

And Use (https://upipayments.co.in/bhim-
aadhaar-pay-app/)

Samsung Pay App in India: Features and

Benefits
(https://upipayments.co.in/samsung-pay-
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Benefits and Charges
(https://upipayments.co.in/aadhaar-
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and Website
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USSD *99# Banking: Payment and Balance

Check W/O Internet
(https://upipayments.co.in/99-banking-
ussd-payment/)

PhonePe Wallet Review | Download Phonepe

App To Pay Through UPI
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