Objectives of IMPS
- To enable bank customers to use mobile instruments as a channel for accessing their remit funds
- Making payment simpler just with the mobile number of the beneficiary
- To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments
- To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 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.
The participants for IMPS will be as follows:
- Remitter (Sender)
- Beneficiary (Receiver)
- National Financial Switch - NPCI
For Remitter (To send money):
- Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS
- Get Beneficiary Mobile number and MMID
- Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send
- Await confirmation SMS for the debit in your account and credit in beneficiary account
- Note the transaction reference number for any future query
- Share your 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 your account from the remitter
- Note the transaction reference number for any future quer
Using Account number & IFS Code (P2A)
Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to make funds transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary needs to register their mobile number with their respective bank account and get MMID, in order to send or receive funds using IMPS.
There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary mobile number is not registered with any bank account. In such cases, Remitter shall not be able to send money to the Beneficiary using Mobile Number & MMID.
Hence on the merit of the feedback received from the banking community as well as to cater the above mentioned need, the IMPS funds transfer has been made possible using Beneficiary account number and IFS code as well, in addition to Beneficiary mobile number and MMID