Did you ever wonder how technology manages to change so swiftly that while we used to stand in lines outside a bank, just a few years ago, we are able to manage all our banking transactions, right from the comfort of our phone! Technology makes it possible for us to manage and achieve a lot more from our available resources that was initially thought possible of. The same technology has also manifested itself in the banking system of the country.
Various online systems have enabled a systematic and interactive interface that can be accessed by a bank customer to utilize the services of the bank. Yes Bank is one of the early adopters of the online banking service and made it easier for its customers to carry out transactions digitally. One of the most smart and unique innovations in this field have been online payment systems and money transfer systems. Now, a customer can make a transfer of any sum of money within specified limits, to another person who holds a bank account, whether in the same bank or another, using payment systems such as NEFT, RTGS and IMPS. IMPS is one of the most significant and marked payment systems which allows a customer to transfer a sum of money in real time.
What is IMPS?
Expanded as Immediate Payment Service, IMPS is an innovative banking service, which allows a customer to transfer a sum of money to the account of another person, in real time and on an immediate basis. This means that when a person makes a transfer of money to another person through IMPS service, the sum gets transferred to the account of another person at the same time that the transfer is made at. In the present day, IMPS is regarded as one of the most innovative electronic fund transfer technique. One can utilize the IMPS service through their mobile phone or even log in to their bank account and use the service.
How does IMPS work?
In order to use the IMPS service, both the parties to the transaction, which would normally include the sender and the receiver of the money, should have a MMID code with them. MMID is expanded as Mobile Money Identifier. Every bank who participates in the provision of services such as NEFT, RTGS and IMPS, will also provide its customers with this code, so that they can make use of the service and transfer any sum of money to another party at their wish using their mobile number and the code instead of the account number. MMID Yes Bank is also one of the ways for a Yes Bank customer to transfer a sum of money to another party. A customer is issued a MMID code only against a mobile number which is linked to the bank account. In order to make a transfer of money, both the parties to the transaction must have the MMID code with them.
What are the steps involved in receiving money through MMID Yes Bank
One needs to follow the following steps if he wishes to receive an amount of money through transfer from IMPS service:
- First, the customer needs to register his mobile number with his bank account at YES bank.
- At the next step, he can receive MMID Yes Bank on request.
- Whenever the customer needs to receive any money from another person, he needs to share his mobile number and MMID code with such sender, in order to receive the money.
- After sharing such information, customer shall be able to ask the sender to remit the money to his account.
- An SMS confirmation shall be given to the person on successful completion of the transaction, which would confirm that the transfer of money has taken place.
How is IMPS service important for customers?
In this fast paced era, no one likes to wait to avail a service. Digital banking and instant payment methods are just one way to ensure that a customer gets what he requires at the same time. Through a service such as IMPS, a customer can instantly make a transfer of money to another account. The benefits of such service outweigh any disadvantages that digital banking systems may have to offer. Thus, IMPS is the new age banking system that is largely beneficial to the customer in more than one way!