Interbank Funds Transfer via Mobiles : IMPS

Posted In India - By NitiN Kumar Jain On Sunday, July 24th, 2011 With 0 Comments






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Interbank Mobile Payment Service (IMPS), a new service launched by National Payment Corporation India (NPCI) is to enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds to other bank accounts using their mobile numbers as unique identifiers thus making payment simpler just with the mobile number of the beneficiary. It not only enhances the mobile bank services but also makes electronification of retail payments.

You can pay a sabziwala, newspaperwala, chaatwala etc using their mobile numbers instantly on the go with no hassles at all. Following videos may help you understand this quickly.

In Hindi:

IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features.

How to Send Money

  • Register yourself for mobile banking service with your bank.
  • Get7 digits 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.
  • Get Beneficiary Mobile number and MMID.
  • Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send.
  • Check confirmation SMS about debit of your account.

How to Get Money

  • 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.
  • 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.

Worflow

Current member banks of IMPS

  • Axis Bank
  • Bank of India
  • HDFC Bank
  • ICICI Bank
  • State Bank of India
  • Union Bank of India
  • Lakshmi Vilas Bank
  • Kotak Mahindra Bank
  • Federal Bank
  • Indian Overseas Bank
  • IDBI Bank

More members are in pipeline. You can check the updated member banks list here.