Interbank Mobile Payment Service (IMPS)

Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer through mobile phones under the guidance of National Payment Corporation of India (NPCI).  NPCI is formed by participating banks to manage retail payment system in India.

Currently, National Electronic Fund Transfer (NEFT) is used for money transfer through mobile by using mobile application provided by banks.  But the customer has to follow certain rules, that there is a particular time to send the money (8:00am to 6:30pm – Monday to Friday, 8:00am to 12:30pm – Saturday). Since NEFT is working under the control of Reserve Bank of India (RBI), on RBI holidays are not available for money transfer.  In NEFT, following details are must to transfer the money, account holder’s name, account number, name of bank, name of branch, Indian Financial System Code (IFSC – an 11 digit code for identifying the bank and branch of a particular account), etc. Also it consumes time to send, and the sender may not know, whether the money has reached in the particular account or not, either the receiver informed.

Features of IMPS

• No pre-registration of receiver is needed
• Its is a real time transfer, so money credited instantly
• Both sender and receiver will get transfer confirmation on their registered mobile
• No need to share account details
• Speedy and secure
• 24 x 7 fund transfer system

IMPS are an account to account transfer system, so customer needs to have a bank account.

Receiving money through IMPS

You need to register your mobile number with the bank and link the account number, which you want to credit money.  After successful registration bank sends a 7 digit unique MMID (Mobile Money ID).  To receive money from sender, you need to share your mobile number and MMID.  You can register multiple accounts with same mobile number; bank sends different MMIDs for each account.

Send money through IMPS

You need to register, mobile banking service of your bank.  Get your MMID, User ID and MPIN from your Bank.  Download mobile application to your mobile phone or transact using SMS (Short Message Service).  Enter into Bank’s mobile application using User ID and MPIN.  Get receiver’s mobile number and MMID.  Select IMPS menu in the mobile application and enter above details and amount.  There is a daily amount limit for IMPS.  Rs.50,000 for transacting using mobile application and Rs.1,000 for transact using SMS.  Bank charges a nominal service charge for IMPS transaction.

Money transfer through IMPS is works under the Bank's mobile banking application.  Thus, the Bank provides a username and a MPIN (password).  Anyway the MPIN will be secret.  If mobile phone is lost there is no chance to cheat, unless the person know the MPIN.

Work flow of IMPS

1. Sender sends instruction to his bank by using mobile application or SMS
2. Sender’s bank validates the details and debit amount from sender’s account.  The transaction is sent by sender’s bank to NPCI.
3. NPCI passes the transaction to receiver’s Bank.  Receiver’s Bank verifies the details and credit amount to receiver’s account.  Receiver’s Bank sends transaction status to NPCI and receiver.
4. NPCI sends transaction status to Sender’s Bank
5. Sender’s Bank sends transaction status to Sender

Now banks are implementing IMPS through Automated Teller Machines (ATM) and Internet/Net  Banking channels to customers.  Some banks also implemented IMPS using Account Number and IFSC (Indian Financial System Code) of bank branch.

Banks currently offering IMPS

1. Allahabad Bank
2. Andhra Bank
3. Axis Bank
4. Bank of Baroda
5. Bank of India
6. Bank of Maharashtra 
7. BNP Paribas
8. Canara Bank 
9. Catholic Syrian Bank
10. Central Bank of India
11. City Bank
12. Corporation Bank
13. Dena Bank
14. Development Credit Bank 
15. Dhanlaxmi Bank
16. Dombivli Nagari Sahakari Bank
17. Federal Bank
18. Greater Bombay Co-operative Bank
19. HDFC Bank
20. HSBC India
21. ICICI Bank
22. IDBI Bank 
23. Indian Bank
24. Indian Overseas Bank 
25. IndusInd Bank
26. ING Vysya Bank
27. Janata Sahakari Bank Pune
28. Karnataka Bank
29. Karur Vysya Bank
30. Kotak Mahindra Bank
31. Lakshmi Vilas Bank
32. Oriental Bank of Commerce
33. Punjab & Maharashtra Co-op Bank
34. Punjab National Bank
35. Saraswat Bank
36. South Indian Bank
37. Standard Charted Bank
38. State Bank of Bikaner and Jaipur 
39. State Bank of Hyderabad
40. State Bank of India
41. State Bank of Mysore
42. State Bank of Patiala
43. State Bank of Travancore
44. Syndicate Bank 
45. Tamilnadu Mercantile Bank
46. The A P Mahesh Urban Co-operative Urban Bank
47. The Thane Janata Sahakari Bank
48. UCO Bank
49. Union Bank of India
50. United Bank of India
51. Vijaya Bank
52. YES Bank

Please contact your bank for more details on IMPS