Immediate Payment Service (IMPS) is an
instant payment
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of exchanging money and processing payments, allowing for almost immediate transfer of money between bank accounts, instead of the more typical one to thr ...
inter-bank
electronic funds transfer
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of b ...
system in
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays.
NEFT
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Bankin ...
was also made available 24x7 from December 2019.
RTGS was also made available 24x7 from 14th December 2020.
It is managed by the
National Payments Corporation of India (NPCI) and is built upon the existing
National Financial Switch
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal ...
network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (
State Bank of India
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...
,
Bank of India
Bank of India (BOI) is an Indian public sector bank headquartered in Bandra Kurla Complex, Mumbai. Founded in 1906, it has been government-owned since nationalisation in 1969. BoI is a founder member of SWIFT (Society for Worldwide Inter B ...
,
Union Bank of India
Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian public sector bank headquartered in Mumbai. It has 120+ million customers and a total business of US$106 billion. After the amalgamation with Corporation Bank and A ...
and
ICICI Bank
ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiari ...
), and expanded it to include
Yes Bank
Yes Bank is an Indian bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapoor in 2004.
It offers wide range of differentiated products for corporate and retail customers through retail banking and asset management ...
,
Axis Bank
Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It sells financial services to large and mid-size companies, SMEs and retail businesses.
As ...
and
HDFC Bank
HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...
later that year. IMPS was publicly launched on 22 November 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24
PPIi signed up for the IMPS service.
Around 200 million IMPS transactions amounting to roughly of transaction amount happen every month in India.
The sender requires to know the bank account number and the
Indian Financial System Code
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: th ...
of the beneficiary to transfer money.
See also
*
Payment and settlement systems in India
Payment and Settlement Systems in India are used for financial transactions. They are covered by the Payment and Settlement Systems Act of 2007 (PSS Act), legislated in December 2007 and regulated by the Reserve Bank of India and the ''Board for R ...
*
Prepaid Payment Instruments in India
Prepaid payment instruments are methods that facilitate purchase of goods and services against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank acco ...
*
National Electronic Fund Transfer
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Bankin ...
*
Real Time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis. Settlement in "real time" means a payme ...
*
Unified Payments Interface
Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used ...
References
External Links
*
{{Mobile payments
Payment networks
Interbank networks in India
Banking in India
Mobile payments in India
Payment and settlement systems in India