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IMPS Facilitates 24 Hour Mobile Phone Money Transfer

IMPS (Inter banking Mobile Payment service) is the process which give the facility to transfer money by using mobile phone for 24 hours. We could not use the service of mobile banking at any time earlier. According to the mobile banking guidelines of Reserve bank, there are some limitations for that. The IMPS had born after the decision of National Payment Corporation to transfer the money using mobile phones. IMPS started in 2010 August by including SBI, Bank of India, Union bank, ICICI. Its success lead to the official start of IMPS and all other important banks had participated in Inter Banking Mobile Payment Service. The banks like HSBC, Canara, Yes, Standard Chartered, Axis are also active in IMPS.

We can do Railway ticket booking, online shopping etc.... through the Inter Banking Mobile Payment Service (IMPS). So IMPS is becoming the dummy of internet banking and card payments. Insurance field started to use the facilities of IMPS. We can pay the Premium of Reliance life, United India Insurance, Kodak life, ICICI Prudential, Metlife etc.... through IMPS. The main mutual fund companies like Reliance capitals, Birla Sun Life etc.... also receiving the helps of IMPS. Most telecom companies had received IMPS. So we can also pay the mobile bills at any time through Inter Banking Payment Service. IMPS will get more popularity among people with the start of using the facilities of IMPS in schools, Government institutions etc....

In future, there will be a chance to use cashless payment through IMPS in cold stores also. To use IMPS facility we only need the mobile phone. By linking our bank account with our mobile number, we can register it in IMPS. Then we can to cashless payments in any shops, institutes etc....

For using IMPS we should obtain mobile money identification (MM ID) number and MPN number. MM ID is a 7 digit number. This number links the bank account number with mobile number. After this we should download bank's mobile phone application. Through this application we can use the IMPS facility. The IMPS can utilize through SMS also. Each bank has special number to send SMS. More information about Inter Banking Mobile Payment Service (IMPS) can get from the website of National Payment Corporation (www.npci.org.in). 


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