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IMPS Money Transfer App

Home Banking in India IMPS Money Transfer App

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Updated: 19-07-2023 09:51:01 AM

Day to day manual banking transactions performed by our parents and elders seem too time-consuming and elaborate for younger generations. Today’s generation wants everything fast and ready. They do not rely on manual (human) involvement. They are familiar with automated tools and processes such as smartphones and various types of software.

Digital banking seems to be tailor-made for this generation. Whether it is internet banking, UPI or IMPS, the young population of the country performs most of their banking operations through internet banking channels. Smartphones have played a significant role in promoting these channels as everything is available on your mobile phone.

What is IMPS?

IMPS is the immediate fund transfer service that facilitates fast and easy fund transfer with no hassles. Here, IMPS stands for Immediate Payment Service. This is an inter-bank electronic fund transfer system that uses mobile phones as a platform for the process. IMPS is different from NEFT and RTGS as it is available 24/7 and 365 days regardless of bank holidays.

The managing authority of IMPS is NPCI (National Payment Corporation of India) and it is designed on the current structure of NFS (National Financial Switch).

IMPS Money Transfer App
IMPS Money Transfer App Charges
How to Use IMPS Money Transfer App
Points to Remember While Using IMPS Money Transfer App
IMPS Money Transfer App

IMPS is a mode of digital banking that has become highly popular in a matter of few years. It transfers money in real time and instantly. IMPS was launched in 2010 for test use with only 4 partner banks but within months the test proved to be successful and now IMPS is working with 53 commercial banks and 101 rural/urban/cooperative banks in the country.

Being a mobile-friendly mode of money transfer, IMPS has expanded its reach across the country. IMPS is primarily designed for working on the mobile banking platform. It can be used on the internet as well but its true potential is unlocked on the mobile banking application of the respective bank.

You can easily download IMPS money transfer app both for Android or iPhone platforms of your respective bank anytime. You just have to ensure that you have mobile banking facility enabled from your bank.

How IMPS Money transfer App Works?

Using IMPS requires a unique 7-digit MMID (Mobile Money Identifier) of the user which is generated by the IMPS money transfer app itself. This can be considered as the first and most important step in while using IMPS as without this MMID, IMPS cannot be used on mobile phones. Your MMID works as a virtual address for your bank account that performs both debit and credit operations.

However, those are not the only features available in an IMPS money transfer app. Some other features include bank account and credit card account details, balance details, transaction history, etc. These features might differ as per the specific bank.

IMPS Money Transfer App Charges

IMPS money transfer app is available for free on application stores of both Android and iOS platforms but the services charge a minimal fee for transactions. This fee is relatively lower than any other mode of electronic transaction such as NEFT or RTGS.

Transfer Amount

 Charges (Subject to Change According to Banks)
Up to Rs. 10,000

Rs. 2.50 + Applicable GST

From Rs. 10,000 to Rs. 1 lakh

 Rs. 5 + Applicable GST
From Rs. 1 lakh to Rs. 2 lakh

Rs. 15 + Applicable GST

Charges for using IMPS are determined by NPCI according to the existing NFS structure and they may vary according to the banks of both public and private sectors.

How to Use IMPS Money Transfer App

IMPS money transfer app is easy to use as it works similar to any other mobile application. Here are some steps that you should follow to send money through this app.

  • First, you have to log in using your user ID and password provided by the bank and then go to the fund transfer option.
  • Now, you have to choose between the fund transfer option that say – NEFT, RTGS AND IMPS.
  • Choose IMPS and follow the prompt to generate your unique MMID. Once your MMID is generated, you can proceed to the next step. You have to keep in mind that you have the MMID of the beneficiary before transferring funds.
  • In this step, you have to enter the beneficiary details such as name, mobile number of the beneficiary and his/her MMID.
  • Once you have double-checked all details, you can confirm the transfer.
  • You will receive alerts about the debited funds from your account.
  • IMPS transactions happen instantly. Even in the case of a technical issue, the fund transfer will not take more than an hour to complete.
  • If you have made any mistake such as wrong mobile number or MMID that does not exist, the transaction will fail automatically.
Points to Remember While Using IMPS Money Transfer App

IMPS is quite easy to use and does not require complicated details. However, you have to be extremely careful while using IMPS as even a small mistake can lead to loss of funds. In addition, there is no way you can reverse the transaction in IMPS as it transfers funds instantly. Here are some points that you should remember while using this money transfer option.

  • Using IMPS through the web is slightly complicated as compared to while using it on a phone. This is because the user is required to enter bank details such as name, mobile number, bank account number, IFS code, and MMID of the beneficiary. Entering too many details can lead to mistakes and while transferring funds even a tiny mistake can cause you serious financial damage.
  • As per RBI regulations, the users must check the details twice or thrice before confirming the payment through IMPS. This is because the money transferred to a wrong bank account can only be returned with the consent of the beneficiary. However, if you have entered one wrong field, i.e. mobile number or MMID, the transaction will fail automatically. This is because no two individuals can have the same MMIDs or mobile numbers. Nonetheless, entering wrong MMID and mobile number can result in false transaction which cannot be reversed.
  • In any case, IMPS requires an internet connection either on the mobile phone or on your computer to transfer funds. Make sure that you have a decent internet connection that functions properly.
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