Three Party Payments in India - What is IMPS? How to transfer money through IMPS?

　　[Analysis of Indian Payment System: IMPS Instant Payment Service]

　　I. What is IMPS

　　IMPS, or Immediate Payment Service, is a popular electronic fund transfer system between banks in India. This article will give you a detailed overview of the basics of IMPS and help you understand how to use this convenient payment system for real-time fund transfers.

　　II. Characteristics of IMPS

　　1. Daily Transaction Limit: The daily maximum limit of Rs. 5 lakhs for IMPS transactions ensures a balance between user convenience and security.

　　2. Transaction charges: The charges for IMPS transactions range from Rs 5 to Rs 15, as specified by the respective banks.

　　3. Service tax: IMPS transactions may be subject to an additional service tax, depending on the tax regulations in force.

　　4. 24/7 inter-bank transfers: IMPS offers real-time funds transfer services around the clock, regardless of time and location.

　　5. Secure and economical: IMPS uses encryption and authentication protocols to ensure secure transactions with low transaction costs.

　　III. Advantages of IMPS

　　1. Fast, secure and reliable: IMPS provides a real-time, reliable method of transferring funds, ensuring that funds are transferred immediately.

　　2. Multi-platform access: IMPS can be accessed through online banking and mobile platforms, providing convenience and flexibility to users.

　　3. 24/7 availability: IMPS transactions are not subject to traditional banking hours and are available around the clock.

　　4. Easy to add beneficiaries: Through the IMPS mobile platform, users can be added as beneficiaries by simply providing the recipient's mobile phone number and MMID.

　　5. Instant notification: IMPS ensures that payers and payees are notified as soon as the transaction is completed.

　　6. Versatility: IMPS is not only used for transferring funds between bank accounts, but also for receiving payments, making payments to merchants, and so on.

　　IV. How to transfer funds via IMPS

　　1. Open the mobile banking application or access your online banking account.

　　2. Locate the "Funds Transfer" option on the home page and click on it.

　　3. Select "IMPS" as the transfer method.

　　4. Enter the payee's MMID and your MPIN.

　　5. Enter the amount to be transferred, double-check the details and confirm.

　　6. If required, enter the OTP received to complete the transaction verification.

　　V. Frequently asked questions

　　1. Can I use IMPS for international money transfers?

　　Yes, IMPS supports international transfers.

　　2. Is there a transaction limit for IMPS transfers?

　　The maximum transaction limit for IMPS transfers is Rs 5 lakh.

　　3. How long does it take for an IMPS transfer to be completed?

　　IMPS transfers are done immediately.

　　4. What information is required to initiate an IMPS transfer?

　　The sender needs to have the MMID of the receiver. if the MMID is not available, then the bank account number, IFSC and Aadhaar number of the receiver is required.

　　5. How can I transfer funds via IMPS?

　　Please refer to the "How to transfer funds via IMPS" section of this article.