Immediate Payment Service

IMPS - Immediate Payment Service is an interbank electronic instant mobile money transfer service through mobile phones in India.

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 22 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.

IMPS Logo

Input options (beneficiary details) for initiating IMPS funds transfer

  1. IMPS allows funds transfer using a beneficiary mobile number and MMID (Mobile Money Identifier)
  2. MMID is a seven digit number, first four digits of which are called NBIN (allocated to member by NPCI) and last three digits are provided by the member
  3. A combination of mobile number and MMID is linked to a unique account number.
  1. IMPS allows funds transfer using beneficiary account number and IFSC.
  1. IMPS allows funds transfer using the Aadhaar number.

Objectives of IMPS

Benefits of IMPS

₩

IMPS: Services Offered

Payments

IMPS: Products

P2P- Persons to Person

P2A (IFSC/Account number)

P2M (Push)

P2M (Pull)

Person to Person (P2P)

IMPS P2P is a service used to transfer funds between two individuals having accounts in the same bank or in different banks which are members of the IMPS network.

The following are the details to be used while making payments using IMPS P2P service:

  1. Beneficiary Mobile No. (10 Digits)
  2. Beneficiary MMID (7 Digits)
  3. Amount
  4. MPIN (Password)
  5. Remarks (Optional -50 Characters)

IMPS P2P offers immediate debit to the remitter account and immediate credit to beneficiary account.

Person to Account (P2A)

IMPS P2A is a service started by NPCI to boost IMPS adoption by using IFSC code and beneficiary Account Number which is already popular in RTGS/NEFT transaction. In IMPS P2A, remitter needs to enter beneficiary account Number and IFSC code instead of Mobile Number and MMID.

Following are the details to be used while making payments using IMPS P2A service:

  1. Beneficiary Account No.
  2. Beneficiary IFSC (11 Digits)
  3. Amount
  4. MPIN (Password)
  5. Remarks (Optional - 50 Characters)
  6. its benificial

Person to Merchant (P2M)

A service available to IMPS customers for making payment to a Merchant/Entity for goods or services.Customer’s account gets debited and the Merchant’s account gets credited. The service is very convenient for making payments for:

P2M has two types of transactions:

  1. Customer Initiated Transactions -Push Based (P2M-Push)
  2. Merchant Initiated Transactions –Pull Based (P2M-Pull)

P2M-Push

In P2M -Push transaction,customer initiates the transaction from his/her Mobile Phone for a credit to the Merchant's account for the goods or services offered by the Merchant.Customers account would be debited when the customer initiates a transaction from his mobile banking application/or through any other channel for payment to an entity/Merchant who is the Beneficiary and the beneficiary's account would be credited In the customer initiated transaction (P2M PUSH), customer initiates transaction through the Bank’s mobile banking application or SMS facility provided by the Bank. The Bank offers ‘IMPS merchant payments’ form in the mobile banking application (this form is available in ‘IMPS’ menu on the main menu of mobile application) or SMS syntax for performing P2M PUSH transaction. Customer needs to enter the following parameters:

Merchant mobile number Merchant MMID Amount M-PIN Payment Reference

P2M-Pull

P2M-Pull is a transaction where the transaction is initiated at a merchant's Application(such as Merchant website, WAP site, IVR, mobile application, Mobile POS) by a customer for the goods or services offered by the Merchant. The Customers account would be debited after the customer has initiated the transaction at the Merchant's Application for a payment to a Corporate/Merchant for goods or services offered by the merchant.

Member banks

Member PPI's (RBI Authorised)

Also See

Payment and settlement systems in India

References

    External links