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IMPS Payment

Home Banking in India IMPS Payment
Updated: 08-12-2023 07:28:33 AM

Immediate Mobile Payment Service or IMPS is a popular payment system in India that allows people to transfer funds from one bank account to another instantly using their smartphones. Be it weekdays, weekends or public holidays, IMPs users can transfer money anytime and from anywhere at ease.

Features of IMPS

Some of the key features of IMPS are given as follows:

  • Instant Money TransferThe IMPS fund transfer time is immediate. People using IMPS can send and receive money instantly.
  • 24*7 AvailabilityIncluding weekdays, the IMPS users can make transactions even on weekends and public holidays.
  • Quick NotificationsBoth receiver and sender using IMPS service get instant notification regarding the transaction.
  • Easy AccessibilityUsers can transfer money using IMPS through mobile and online channels such as mobile banking and internet banking.
  • P2P and P2M TransfersIMPS can be used to transfer funds from Person to Person (P2P) as well as from Person to Merchants (P2M).

Requirements to Make Payment through IMPS

To make transactions through IMPS, users must have the following:

  • Mobile number linked to bank accountCustomers cannot use mobile banking services if their bank account is not linked with their mobile number. This will also mean that they will not be able to generate MMID and MPIN for transactions. Besides, linking mobile number with bank account also helps in receiving instant notifications regarding transactions through SMS.
  • Beneficiary mobile number and MMID (P2P)Customers who want to initiate transaction Person-to-Person (P2P) must have beneficiary’s mobile number and MMID (Mobile Money Identifier). MMID is basically a seven digit number which is generated once the customer registers on the mobile banking application. Each account has different MMID.
  • Beneficiary account number and IFSC (P2A)Customers who want to initiate transaction Person-to-Account (P2A) must have beneficiary’s account number and IFSC. IFSC is an abbreviation for Indian Financial System Code. It’s an 11 digit character that is present on a bank’s cheque leaves. This code helps find bank branches participating in online fund transfer.
  • Beneficiary Aadhaar numberCustomers can even transfer funds using beneficiary’s Aadhaar number. In ABRS (Aadhaar-based remittance & query services), customers can initiate IMPS transaction using the beneficiary’s Aadhaar number. Customers can also map transaction status using Aadhaar number with the help of QSAM (Query Service on Aadhaar Mapper).
Different Ways to Make Payment through IMPS
IMPS Reference Number & Reference Number Tracking
Different Ways to Make Payment through IMPS

IMPS offers funds transfer and remittances services to its users. Customers using IMPS services can easily make payment through it via multiple channels. What these channels would be depends on individual banks. However, IMPS payment services are available to users through the following channels:

  • Mobile BankingTo send money through IMPS using mobile banking channel, the sender must first register himself/herself to the bank’s Mobile Banking facility. To receive money, individuals will have to share their MMID (Mobile Money Identifier)/bank account number and IFSC/ Aadhaar number with the sender. Both sender and receiver can register their mobile numbers to get SMS alerts for instant information on transactions.
  • Internet BankingAnother alternative to transfer money through IMPS is internet banking. Every bank provides internet banking services and customers can register for their bank’s internet banking services. Once registered, they can transfer money through IMPS and even other payment systems such as RTGS. To transfer funds using the internet banking service, however, customers do not require mobile registration.
  • ATMIf users cannot access internet and mobile services, they can still transfer money through IMPS using ATM (Automated Teller Machine). To transfer money through IMPS using ATM, mobile registration is not required. To transfer money, users can visit any of their bank’s ATM, select IMPS as the fund transfer option and proceed as prompted by the machine.
  • SMS BankingTo transfer funds through IMPS using SMS banking service, users must register for mobile banking services. To initiate transaction, compose an SMS and type “IMPS” followed by the beneficiary’s MMID and mobile number or bank account number and IFSC and the amount to be transferred. Once users confirm transaction details, they will enter mPIN. On successful transaction both sender and receiver will receive notification about the same.
  • USSDIf users don’t have smartphones, they can still make transactions using USSD (Unstructured Supplementary Service Data) services on their basic feature mobile phones. The best part about this service is that it does not require mobile internet services. To make transaction through USSD, users need to dial *99# on their mobile phones, enter the MMID number and transact through interactive menu displayed on the mobile screen.
  • Mobile ApplicationPeople can also make transactions through IMPS via their bank’s mobile app. To do so, users must first download their bank’s mobile app on their smartphones and register on it. After registration, users can initiate transaction by choosing IMPS as the fund transfer option and enter beneficiary’s account number and IFSC/mobile number and MMID number, followed by the amount to be transferred. Confirm details and amount will be transferred instantly.
  • WAPCustomers can transfer funds through IMPS by using their mobile’s web browser. Wireless Application Protocol (WAP) allows customers to access Mobile Banking services by accessing the bank’s website over the Internet from mobile phone browser. However, to access the

Internet from mobile phone, customers should have GPRS facility enabled.

IMPS Reference Number & Reference Number Tracking

Once the transaction (sent or received) through anyone of the above mentioned channels is successful, users will receive an instant notification and SMS mentioning the transaction confirmation and IMPS reference number. Users must not delete that reference number as they may need it in future for further query or reference. For instance, if your account is credited but the beneficiary is not debited then you may call your bank’s customer care representative or visit the branch to resolve the issue. When you’re talking to the bank’s customer care representative, they may ask a few account and transaction-related details such as your account number, amount that was transferred or date and time on which the transaction took place. They may even ask for the IMPS reference number to make their search for transaction details simple. As there are thousands of transactions taking place in a bank, without IMPS reference number tracking transaction details will be difficult for bank’s customer care representatives. Therefore, it is advisable for customers to never delete the IMPS reference number until the amount is credited in the beneficiary’s account.

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