Friday, June 28, 2013

Transfer Money in Seconds in India-IMPS

 

IMPS (Also known as Immediate Payment Service ) or IMPS offers an instant, 24X7, interbank electronic fund transfer service in India enables customers to use Mobile instruments, Internet Banking, ATMs as channels for accessing their bank accounts and placing interbank fund transfers in a secured manner with immediate confirmation features. Customers can also transfer funds and make payments to merchants directly through This facility is provided by the National Payments Corporation of India (NPCI), an umbrella organization for all retail payment systems in India.

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How to get started

  1. Register mobile number with respective bank
  2. Generate MMID. MMID (Mobile Money Identifier) is 7-digit number, to be issued by the Bank to the customer upon registration
  3. Get M-PIN. M-PIN is Mobile Banking PIN – secret password – to be used by customer during transaction for authentication and security
  4. Download mobile banking application or use SMS / USSD facility as provided by the Bank to make payment
  5. To find details on how to do the above for your respective bank, Click Here

How to send money

  1. Initiate IMPS transaction using Bank mobile banking application or SMS / USSD facility provided by Bank
  2. Customer needs to enter beneficiary mobile number, beneficiary MMID, Amount and M-PIN for initiating transaction. Customer shall receive confirmation SMS for the transaction initiated
  3. For details on how to send money for your respective bank, Click Here

How to receive money

  1. Register your mobile number with your account in the Bank
  2. Get MMID from the Bank
  3. Share your mobile number and MMID with sender
  4. Ask the sender to send money
  5. Check the SMS confirmation for the money received through IMPS

Click here to know If your Bank supports the feature

Source:NPCI

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