Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. There are seven participating Banks which are State Bank of India, Bank of India, Union Bank of India, ICICI Bank, HDFC Bank , Axis Bank and YES Bank and 22 more banks are in the pipeline.
The Reserve Bank of India has permitted banks to offer mobile banking service to their customers, subject to a daily cap of Rs 50,000 a customer for both funds transfer and transactions involving purchase of goods/services for end-to-end encrypted transactions. Transactions up to Rs 1,000 can be facilitated by banks without end-to-end encryption.
The disbursal of funds to recipients of such services can be facilitated by banks at ATMs or through business correspondents. In this case the maximum value of such transfers is Rs 5,000 a transaction. Banks are required to place suitable cap on the velocity of such transactions, subject to a maximum value of Rs 25,000 a month, per customer.
IMPS would facilitate One Bank Customer(s) to send money instantaneously to any other person registered for IMPS service in any of participating banks using MobileBanking services.
All IMPS registered customers can also act as beneficiaries to receive money from any participating bank .
The benefits of IMPS –
- No need to pre-register the beneficiary
- Transfer of funds is real time i.e. the money is credited in beneficiary’s account almost instantaneously
How To Receive Money Through IMPS ?
1. To receive money using IMPS, you need to register your mobile number with the Bank and link the account number (where you want the money to be credited).
2. On successful registration, you would receive a 7 digit Mobile Money ID (MMID).
3. To receive money, you will need to share your mobile number and MMID with the person sending money (remitter).
IMPS Service Charges:
IMPS is currently being offered free of charge to customers up to March 31, 2011. Customers will be required to pay only SMS charges.
NPCI will be providing the service to the member banks free of charges, after which there will be a switching fee of Rs. 0.25 per transaction. The banks may levy a fee over and above this.
Check For More Details : FAQ IMPS
Source : RajTalk