Immediate Payment Service

Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays. NEFT was also made available 24x7 from December 2019.[1] RTGS was also made available 24x7 from 14th December 2020.[2]

Immediate Payment Service
IMPS new logo.jpg
Operating areaIndia
Founded22 November 2010; 10 years ago (2010-11-22)
OwnerNational Payments Corporation of India
WebsiteIMPS

It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank 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. [3]

Around 200 million IMPS transactions amounting to roughly US$20 billion of transaction amount happen every month in India.[4] The sender requires to know the bank account number and the Indian Financial System Code of the beneficiary to transfer money.[citation needed]

See alsoEdit

ReferencesEdit

  1. ^ Livemint (8 December 2019). "NEFT money transfer facility to be available 24×7 soon: 5 things to know". Livemint. Retrieved 16 April 2020.
  2. ^ "RTGS is now available 24x7: Here are its advantages". The Economic Times. Retrieved 29 December 2020.
  3. ^ "National Payments Corporation of India". www.npci.org.in. Retrieved 26 July 2017.
  4. ^ "IMPS Volumes". www.npci.org.in. Retrieved 5 October 2019.

IMPS Portal