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IMPS - Brief Introduction


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.

To overcome the above constraint, National Payments Corporation of India (NPCI) has introduced Interbank Mobile Payment Service (IMPS) from 22nd November 2010 after carrying out a pilot study involving some select banks. 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 as follows
·         Bank should be member of National Financial Switch (NFS) driven by NPCI
·         Bank should have approval from RBI for Mobile Banking Service

Objectives of this method:
·         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 electronification of retail payments
·         To facilitate mobile payment systems 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.

Participants in the transaction will be:

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

Remitter is required to register for mobile banking service with his bank and obtain  Mobile Money Identifier (MMID) and MPIN from the bank
Download Software (Application) for mobile banking (ensuring compatibility of mobile with the application) or using the SMS facility in the mobile if bank provides IMPS on SMS

Beneficiary has to link his/her mobile number to the account in the respective bank and obtain Mobile Money Identifier (MMID) from the bank. There is no need to register for mobile banking service.

To send money:
·         Remitter to login to the application and select the IMPS menu from the IMPS or use the SMS facility in his/her  mobile if bank provides IMPS on SMS
·         Get Beneficiary Mobile number and MMID
·         Enter Beneficiary Mobile number, beneficiary MMID, Amount and his/her MPIN to send
·         Await confirmation SMS for the debit in his/her  account and credit in beneficiary account
·         Note the transaction reference number for any future query

To receive money:
·         Beneficiary is required to share his/her  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 his/her account from the remitter
·         Note the transaction reference number for any future query

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