IMPS
For transferring funds real time and 24X7X365 interbank was a major challenge
faced in banking industry. Only NEFT & RTGS were available to user for fund
transfer during banking hours.
With the above context in mind, NPCI conducted a pilot study on the mobile
payment system with the banks like SBI, BOI, UBI and ICICI in August 2010. Also
the banks like Yes bank, Axis and HDFC bank joined this league in the 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 provides robust & real time fund transfer which offers an instant, 24X7,
interbank electronic fund transfer service that could be accessed on multiple
channels like Mobile, Internet, ATM, SMS. IMPS is an emphatic service which
allow transferring of funds instantly within banks across India which is not only
safe but also economical. Currently on IMPS, 590 members are live which
includes banks & PPIs.
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 entity
should have valid banking or prepaid payment instrument license from Reserve
Bank of India to participate in IMPS.
TO VIEW THE LIVE MEMBER BANKS FOR IMPS CLICK. HERE
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 with the mobile banking service of the 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.
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 quer
Fund transfer/Remittance
Using Mobile number & MMID (P2P)
Using Account number & IFS Code (P2A)
Using Mobile number & MMID (P2P)
IMPS offer an instant,24*7 interbank electronic fund transfer service capable of
processing person to person, person to account and person to merchant remittances via
mobile, internet and atms. It is a multichannel and multidimensional platform that make
the payments possible within fraction of seconds with all the standards and integrity
maintained for security required for even high worth transactions.
Sender & Receiver - Have to register for Mobile Banking & get a unique ID called "MMID"
Generation of MMID is a One-time process
Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. &
7digit MMID of beneficiary.
ADDITIONAL INFORMATION'S:
MMID - Mobile Money Identifier (7 digit code) Each MMID is linked to a unique Mobile
Number. Different MMIDs can be linked to same Mobile Number
Using Account number & IFS Code (P2A)
Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter
customer to make funds transfer using Beneficiary Mobile Number and MMID. Both
Remitter as well as Beneficiary needs to register their mobile number with their
respective bank account and get MMID, in order to send or receive funds using IMPS.
There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary
mobile number is not registered with any bank account. In such cases, Remitter shall
not be able to send money to the Beneficiary using Mobile Number & MMID.
Hence on the merit of the feedback received from the banking community as well as
to cater the above mentioned need, the IMPS funds transfer has been made possible
using Beneficiary account number and IFS code as well, in addition to Beneficiary
mobile number and MMID.
ADDITIONAL INFORMATION'S:
IFS Code - 11 digit alphanumeric number, available in the users Cheque book.
** KEY POINTS to Remember
For transactions initiated using Mobile, transactions will be authenticated using
mobile number & MPIN.
Mobile number + MPIN
IMPS transactions can also be initiated from ATMs and Internet banking
channels. Authentication will be done for remitting customers while using the
ATM channel as follows:
Card + ATM PIN
Authentication will be done for remitting customers while using the Internet
banking channel as follows:
User ID + Internet Banking Password/Transaction Password
Appropriate existing two-factor authentication method would be used for all the
channels. The limit as prescribed by the bank for these channels would apply
while transferring money using either of these channels.
While initiating an IMPS transaction using either ATM or Internet channel, mobile
banking registration for a remitting customer is not mandatory. Similarly, for
customers receiving money using account number/IFSC, or using AADHAAR
number, mobile banking registration is not mandatory.
IMPS - Consumer Awareness
Do not share your debit card details (Card number, Expiry date & CVV
number)
Do not share any OTP that you receive
Do not forward SMSes to unknown numbers
Do not share your net/mobile banking login password
