Immediate Payment Service (IMPS)

Immediate Payment Service (IMPS)

Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system. In the above context, NPCI has carried out a pilot on mobile payment system initially with 4 member banks viz State Bank of India, Bank of India, Union Bank of India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank have joined this pilot in month of September, October and November 2010 respectively. Immediate  Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features. This facility is provided by NPCI through its existing NFS switch. The eligible criteria for the Banks who can participate in IMPS is that the Bank should have approval  from RBI for Mobile Banking Service. CLICK HERE to know Live Members Banks for IMPS

Objectives of IMPS

To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds Making payment simpler just with the mobile number of the beneficiary          To sub-serve the goal of Reserve Bank of India (RBI)  in electronification of retail payments To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner To build the foundation for a full range of mobile based Banking services.

The participants for IMPS will be as follows:

Remitter (Sender) Beneficiary (Receiver) Banks National Financial Switch - NPCI

Pre-Requisites for Mobile Banking through IMPS

Registration for Remitter: Register yourself for mobile banking service with bank Get Mobile Money Identifier (MMID) and MPIN from the bank Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS Registration for Beneficiary: Link your mobile number to the account in the respective bank. No need to register for mobile banking service. Get Mobile Money Identifier (MMID) from the bank For Remitter (To send money): Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS Get Beneficiary Mobile number and MMID Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send Await confirmation SMS for the debit in your account and credit in beneficiary account Note the transaction reference number for any future query Share your Mobile number and MMID with the remitter Ask the remitter to send money using your Mobile number and MMID Check the confirmation SMS for credit to your account from the remitter Note the transaction reference number for any future query

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Live Members Banks for IMPS

Sr. No. Bank Name No. of MMID issued (in lakhs) IMPS Remittance IMPS Merchant Payment National Unified USSD Platform (NUUP) Using MMID(P2P) Using Account No. & IFS Code(P2A) Active Channels 1 Allahabad Bank 0.13 √   Mobile   √ 2 Andhra Bank 9.13 √ √ Mobile / ATM √ √ 3 Axis Bank 84.33 √ √ Mobile √   4 Bank of Baroda 6.53 √ √ Mobile/Internet √ √ 5 Bank of India 1.87 √ √ Mobile √ √ 6 Bank of Maharashtra 0.01 √   Mobile     7 Bassein Catholic Co-op Bank 0.01 √ √ Mobile     8 BNP Paribas 0* √ √ Mobile √   9 Canara Bank 4.8 √ √ Mobile/ATM/Internet √ √ 10 Catholic Syrian Bank 0.1 √   Mobile     11 Central Bank of India 0.05 √   Mobile /Internet     12 Citibank 0.26 √ √ Mobile /Internet     13 Corporation Bank 7.64 √ √ Mobile/Internet √ √ 14 Cosmos Co-operative Bank 0* √ √ Mobile √   15 Dena Bank 0* √ √ Mobile   √ 16 Development Bank of Singapore 0*   √ Mobile √   17 Development Credit Bank 0.23 √   Mobile     18 Dhanalakshmi Bank 4.98 √   Mobile     19 Dombivli Nagarik Sahakari Bank 0.15 √ √ Mobile √   20 Federal Bank 0.34 √ √ Mobile / Internet √ √ 21 HDFC Bank 3.88 √   Mobile / Internet     22 HSBC 0* √ √ Mobile √   23 ICICI Bank 179.12 √ √ Mobile / Internet √ √ 24 IDBI Bank 0.05 √ √ Mobile   √ 25 Indian Bank 44.95 √ √ Mobile / Internet   √ 26 Indian Overseas Bank 4.06 √   Mobile     27 Indusind Bank 0.37 √ √ Mobile/ATM √   28 ING Vysya Bank 0.02 √   Mobile √   29 Jammu & kashmir Bank 0* √ √ Mobile     30 Janata Sahakari Bank, Pune 0.01 √ √ Mobile     31 Karnataka Bank 21.84 √   Mobile   √ 32 Karur Vysya Bank 0.13 √ √ Mobile √ √ 33 Kotak Mahindra Bank 22.34 √ √ Mobile/Internet √ √ 34 Lakshmi Vilas Bank 4.98 √   Mobile / ATM     35 Mehsana Urban Co-operative Bank 0* √ √ Mobile √   36 NKGSB Co-operative Bank 0* √ √ Mobile     37 Oriental Bank of Commerce 17.35 √   Mobile √ √ 38 Punjab and Maharashtra Co-op Bank 0.28 √ √ Mobile √   39 Punjab National Bank 3.22 √   Mobile / Internet √ √ 40 Saraswat Bank 0.01 √ √ Mobile √   41 South Indian Bank 1.95 √   Mobile     42 Standard Chartered Bank 0*     Mobile √   43 State Bank of Bikaner and Jaipur 0.21 √ √ Mobile   √ 44 State Bank of Hyderabad 0.28 √ √ Mobile   √ 45 State Bank of India 60.74 √ √ Mobile √ √ 46 State Bank of Mysore 0.02 √ √ Mobile   √ 47 State Bank of Patiala 0.08 √ √ Mobile   √ 48 State Bank of Travancore 0.16 √ √ Mobile   √ 49 Syndicate Bank 0.12 √ √ Mobile   √ 50 Tamilnaad Mercantile Bank 0.08 √ √ Mobile     51 Thane Janata Sahakari Bank 1.81 √ √ Mobile     52 The A.P Mahesh Urban Co-op Bank 0* √ √ Mobile √   53 The Greater Bombay Co-op Bank 0.39 √ √ Mobile √   54 UCO Bank 0.34 √   Mobile   √ 55 Union Bank Of India 15.87 √ √ Mobile/ATM/Internet √ √ 56 United Bank Of India 0.18 √ √ Mobile   √ 57 Vijaya Bank 0.54 √ √ Mobile   √ 58 Yes Bank Ltd 5.77 √ √ Mobile / Internet √

*No. of MMID issued lesser than 1000.

For more information about list of banks providing IMPS facility click here


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Interbank Mobile Payment Services(IMPS)

What is IMPS?

IMPS (Interbank Mobile Payment Services) is an instant inter bank electronic funds transfer service through mobile phones and it facilitates the customers to use mobile instruments as a channel for remitting/receiving funds. This service allows customers to do fund transfer between the bank accounts by using mobile as a channel instantly in real time manner.

The Interbank remittance request initiated from a mobile is as instant Real Time transactions. This facility will ensure customer satisfaction as it provides immediate credit of beneficiary account when a fund transfer request is made through their Mobile handsets on 24 x 7 basis.