Tuesday, January 14, 2014

Fastest Payment system / Immediate Payment Service. Interbank Mobile Payment Service (IMPS)

Immediate Payment Service (IMPS) is a payment service introduced by National Payments Corporation of India (NPCI). The service, launched as an instant mobile remittance solution in November, 2010 has today evolved as a multi-channel, multi-dimensional remittance platform. The IMPS platform today is capable of processing P2P(Person to Person), P2A (Person to Account) and P2M (Person to Merchant) remittance and transactions can be initiated from Mobile, Internet as well as ATM channel. In addition to banking customers,non-banking customers can also avail the IMPS facility through Reserve Bank of India (RBI) approved PPIs.

Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system.

In the above context, NPCI has carried out a pilot on mobile payment system initially with 4 member banks viz State Bank of India, Bank of India, Union Bank of India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank have joined this pilot in month of September, October and November 2010 respectively. Immediate  Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.

IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features.

This facility is provided by NPCI through its existing NFS switch.

The eligible criteria for the Banks who can participate in IMPS is that the Bank should have approval  from RBI for Mobile Banking Service.

Benefits of  IMPS
Available 24 X 7·   
Available on holidays also
Safe and Secure··     
Available on Mobile /Internet/ ATM Services

Member banks

  •     A P Mahesh Co-op Urban Bank
  •     Allahabad Bank
  •     Andhra Bank
  •     Axis Bank
  •     Bank of Baroda
  •     Bank of India
  •     Bank of Maharashtra
  •     Bassein Catholic Co-op Bank
  •     Canara Bank
  •     Catholic Syrian Bank
  •     Central Bank Of India
  •     Citi Bank
  •     Corporation Bank
  •     Cosmos Co-operative Bank
  •     Dena Bank
  •     Development Bank of Singapore
  •     Development Credit Bank
  •     Dhanlaxmi Bank
  •     Dombivali Nagari Sahakari Bank
  •     Federal Bank
  •     HDFC Bank
  •     HSBC
  •     ICICI Bank
  •     IDBI Bank
  •     Indian Bank
  •     Indian Overseas Bank
  •     IndusInd Bank
  •     ING Vysya Bank
  •     Jammu & kashmir Bank
  •     Janata Sahakari Bank Pune
  •     Karnataka Bank
  •     Karur Vysya Bank
  •     Kotak Mahindra Bank
  •     Lakshmi Vilas Bank
  •     Mehsana Urban Co-operative Bank
  •     Nainital Bank
  •     NKGSB Co-operative Bank
  •     Oriental Bank of Commerce
  •     Punjab & Maharashtra Co-op Bank
  •     Punjab National Bank
  •     Saraswat Co-operative Bank
  •     South Indian Bank
  •     Standard Chartered Bank
  •     State Bank of Bikaner & Jaipur
  •     State Bank of Hyderabad
  •     State Bank of India
  •     State Bank of Mysore
  •     State Bank of Patiala
  •     State Bank of Travancore
  •     Syndicate Bank
  •     Tamilnad Mercantile Bank
  •     The Thane Janata Sahakari Bank
  •     The A.P Mahesh Urban Co-op Bank
  •     The Greater Bombay Co-op Bank
  •     UCO Bank
  •     Union Bank of India
  •     United Bank of India
  •     Vijaya Bank
  •     Yes Bank


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