IMPS Money Transfer News: IMPS is a real time payment service which is available round the clock. The service is run by the National Payments Corporation of India (NPCI) which empowers customers to transfer money instantly through banks and RBI-authorized prepaid payment instrument issues (PPIs) across India. However, banks have not yet implemented the new facility.
IMPS Money Transfer News: Now when you want to send money to someone, you will be able to transfer money up to ₹ 5 lakh through Immediate Payment Service (IMPS) using his mobile number and bank account name. This easy process will eliminate the hassle of filling beneficiary account number and Indian Financial System Code (IFSC).
IMPS is a real time payment service which is available 24 hours. The service is run by the National Payments Corporation of India (NPCI) which empowers customers to transfer money instantly through banks and RBI-authorized prepaid payment instrument issues (PPIs) across India. However, banks have not yet implemented the new facility.
How to enable IMPS for transactions?
Sender:
1. Mobile Banking Registration: If you are planning to initiate transactions through mobile channel, you must first complete mobile banking registration. However, this registration is not necessary for transactions made through Internet banking, ATM or any bank branch.
Receier:
1. Obtain MMID: If you are a receiver, obtain your Mobile Money Identifier (MMID) from your bank. In the current setup for transactions you have to share this MMID with the sender. Alternatively, you can provide your account number and IFSC code to withdraw money.
2. SMS Alerts: You can register your mobile number to get SMS alerts for your transactions to stay updated on your IMPS transactions.
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