"IMMEDIATE PAYMENT SERVICE (IMPS)"
For SBI PO-RRBs-IBPS PO/ Clerk
Introduction:
Immediate Payment Services (IMPS) is
real-time remittance service available anytime, anywhere across India. Using
IMPS customers can transfer money real-time to any person or to a merchant, for
any personal or commercial purpose. IMPS offer an interbank electronic fund
transfer service through smart phones. Unlike NEFT and RTGS, the facility is available
24/7 throughout the year including
bank holidays.NPCI conducted a pilot
study on the mobile payment system with the banks like SBI, BOI, UBI and ICICI
in August 2010. Also the banks like
Yes bank, Axis and HDFC bank joined this league in the month of September, October
and November 2010 respectively. Immediate Payment Service (IMPS)
public launch happened on 22nd November 2010
by Smt. Shyamala Gopinath (DG of RBI)
at Mumbai. This service is now procurable to the Indian public.
Objectives:
- To build the foundation for a full range of mobile based Banking services.
- To enable bank customers to use mobile device as a channel for grasp their banks accounts and remit funds.
- 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 create the payment less intricate with the use of the mobile number;
IMPS Participants:
- National Financial Switch – NPCI
- Remitter (Sender)
- Banks
- Beneficiary (Receiver)
Applications:
You can use
IMPS to transfer funds to your loved ones, pay merchants after shopping, pay
bills and fees and pay for many more services –
- Online shopping
- Mobile top-up / DTH top-up
- Grocery Bills Payment
- Travel & Ticketing
- Donation to religious institutes
- Schools & Colleges Fee payments
- Over-the-counter payments
- Credit Card Bill Payment
- Insurance premium payment
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