IMPS Full Form – What Is IMPS, Definition, Meaning, Uses

IMPS Full Form Friends, in this article, we’ll look at the full form of the IMPS . Many bank-related facilities have been established recently, as a result of which individuals no longer have any problems transferring money from one account to another, and they benefit greatly from all of these services. | is IMPS is both a payment system and a money transfer service. This is a service that allows consumers to transfer money to any bank account at any time. IMPS is the only service that is faster than NEFT and RTGS and allows for rapid money transfers.

IMPS Full Form

IMPS full form is Immediate Payment Service. IMPS is a real-time financial payment system that allows you to move money from one account to another. While sending money through NEFT and RTGS takes time, sending money with IMPS is instantaneous, meaning we don’t have to wait long.

IMPS: Immediate Payment Service

IMPS Full Form
IMPS Full Form

What is IMPS?

NPCI has launched the IMPS service (National Payment Corporation of India). This service allows you to send or receive money from any bank at any time. Sending and receiving money can be done in a very fast time using IMPS’ greatest service. Along with this, the ability to conduct real-time banking transactions has been enabled.

How to use IMPS to send money

By the way, there are a variety of ways to send money using IMPS, and we’ll obtain all of the details about them today so you may use them.

Using an IFSC code and a bank account to send an IMPS

It is a highly typical technique to transfer payments via IMPS, which uses a bank account and IFSC data. Even if you have an account with any bank, you can effortlessly transfer money to them using this method. All you need is a solid internet connection, regardless of whether you’re using net banking or mobile banking. I’ve attempted to describe the process to you in the following paragraphs:

  • To begin, go to your net banking account and log in.
  • Then, according to the beneficiary, fill in all of the details for whom you want to add and add them to the new beneficiary. I’ve already told you how to add Beneficiary to your account. All you have to do now is double-check the information. You may receive an OTP on your cellphone number throughout the beneficiary addition process.
  • After you’ve added the recipient, you can fill out the information and specify the amount you want to send. Aside from that, you can make some significant remarks.
  • After that, you must double-check the information. After that, double-check all of the details one last time for your confirmation.
  • Last but not least, confirm it.
  • The money will be debited from your account and credited to the receiver’s account in a matter of seconds if you do it this way.
  • Following that, you will receive an SMS containing the details of your transaction. Keep it safe since you’ll be able to show the bankers this reference number if there’s an issue with the payment.

Doing IMPS with a Mobile Number and an MMID

It is critical that you understand how this MMID works before proceeding with this process:

Recognize MMID and IMPS

If you want to utilize IMPS, you must have a bank account with your chosen bank that is set up for mobile banking. If you have not yet registered your mobile number with your bank, you will need to visit your nearest branch and fill out an application form in order to use this service.

  • These forms are available on the bank’s official websites or on the bank’s net banking website, and they are simple to fill out.
  • Once you’ve registered your mobile number with the relevant bank, you’ll be given a unique seven-digit MMID code that you may use to make fast IMPS transfers. The first four digits of this MMID code provide the bank’s unique identification number for this IMPS service.
  • Your bank will assign a unique MMID number to each of your bank accounts, even if you have many accounts.
  • You can simply figure out which MMID code corresponds to which bank account because your MMID number is a mix of your account number and your mobile phone number.
  • There are several methods for generating MMID codes that are specific to your bank. When you register your mobile number for mobile banking, certain banks generate your MMID code for you.
  • Some banks allow you to request a seven-digit MMID number via SMS, while others require you to submit an online request from your net banking account.

IMPS Advantages

  • Money can be sent in real-time. In a matter of seconds, the funds will be credited to the beneficiary’s account.
  • IMPS is a safe and cost-effective system.
  • There is no minimum transaction amount. It’s also possible to transfer as little as $1.
  • IMPS is available 24 hours a day, seven days a week, including holidays.
  • You can transfer money both intrabank (from one bank to another) and interbank (from one bank to another) (money transfer in the same bank)
  • It’s possible to use it on mobile phones, online banking, and even ATMs.
  • Although the IFSC code and bank account number are the most commonly utilized for IMPS, the MMPS, AAdhar number, and cellphone number can also be used.

IMPS disadvantages

  • Any Internet transaction is dependent on the network’s security and strength.
  • Although IMPS is generally secure, there is no guarantee against human error—if you send money to an account whose number is misprinted, recovering money from that account will be difficult or impossible.

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