16 January, 2024
The Immediate Payment Service, or IMPS, was launched by the National Payment Corporation of India to enhance the digital banking system in the country. IMPS leverages advanced technology to facilitate real-time, interbank electronic fund transfers. This service operates 24x7, 365 days a year, providing individuals with convenience and full-time accessibility.
You can transfer funds through IMPS by using mobile phones, Internet Banking, ATMs, and SMS services. IMPS offers 2 types of payment transfers to seamlessly facilitate the transfer of funds across different bank accounts - Person-to-Person (P2P) and Person-to-Account (P2A). In this article, you can get information on IMPS P2P.
What does IMPS P2P mean?
IMPS P2P (person-to-person) is a fund transfer service that processes person-to-person transactions through mobile, ATMs, SMS and Internet banking. With P2P transfer, you can transfer money to a beneficiary using their mobile number and Mobile Money Identifier (MMID). It ensures instant transfer of funds through highly robust security measures.
How to make IMPS P2P transactions?
To initiate IMPS P2P transactions, both sender and receiver require a unique MMID number which can be obtained from the bank. Additionally, both their mobile numbers must be linked with their respective bank accounts. Once both sender and receiver have met the prerequisites of IMPS P2P transactions, they can start sending or receiving funds.
Here is how you can do it:
Choose a channel
IMPS transactions can be initiated through multiple channels. You need the choose your preferred channel, such as Mobile Banking, Internet Banking, SMS or ATMs. Log in to your preferred channel and navigate to the ‘funds transfer’ option to initiate the transfer process. More specifically, search for the IMPS transfer option and select it to proceed to the next step.
Enter the recipient’s details and amount
Provide the recipient’s details, such as MMID or Mobile number. Next, enter the amount you wish to transfer and double-check the same to ensure accuracy.Verify and complete the transaction
Review all the details once again, including the recipient’s information and transfer amount. Next, finalise your transaction. After successfully completing the transaction, you will receive a confirmation message carrying a Transaction Reference Number.
What is MMID?
MMID, short for Mobile Money Identifier is a unique 7-digit number issued by banks. It is used to facilitate IMPS P2P transactions through digital channels like Mobile banking. MMID simplifies the process of sending and receiving money securely, without the need to enter the recipient’s bank account number and IFSC code.
What are the benefits of IMPS P2P transfers?
The widespread adoption of IMPS can be attributed to the diverse benefits and advantages that it offers to its users:
Real-time transactions
Prior to the launch of IMPS, customers could only transfer funds through NEFT and RTGS. However, transferring funds through these options typically involves waiting periods before the transaction is complete. IMPS eliminates this delay and enables instant fund transfers.
24x7 accessibility
IMPS is available round the clock, allowing you to conduct transactions at your convenience and ease.Security and reliability
The National Payment Corporation of India has established stringent security measures to safeguard IMPS transactions. IMPS offers a multi-layered approach with encrypted channels, which ensures the safety and confidentiality of funds during transactions.Fewer intermediaries
Thanks to IMPS, the need for intermediaries in the fund transfer process has been significantly reduced, leading to decreased transaction costs and faster processing times.
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*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances.
