IMPS Full Form

You know that the expansion of technology is rising day by day. The digital payment service method is one of them. In the digital payment service method, you can send money to anyone anywhere through your mobile phone. There are three methods mainly made by banks to transfer the amount deposited with you from one place to another. These are NEFT, IMPS and the last one is RTGS. All these methods are too immense. The most immediate way to transfer money from all these methods is IMPS. The Imps Full form is Immediate Payment Service. All the payment services and transactions of the IMPS method are entirely prevented by the National Payments Corporation of India. It is a free of cost money transfer method. You can know below about the IMPS Full Form, its features, benefits, etc. 

IMPS Full Form

The IMPS Full form is an immediate service payment method. It is the most immediate way to transmit the funds through mobile phones, laptops, computers, etc. To perform all the fund’s transmission activity, you must need internet connectivity. It is an instant interbank electronic fund. Through the immediate service payment method, you can send or receive the money in real-time. It has no registration or documentation process to transfer the funds. Just fill up your account information and make the payment instantly. It’s the more immediate and better method as compared to NEFT and RTGS service payment methods.

History of Immediate Payment Service

The Immediate Payment Service (IMPS) method was essentially launched especially for the welfare of the public on 22nd November 2010. It was launched by Smt. Shyamala Gopinath, DG  Bank Of India at Mumbai. The immediate payment service method is now available to the Indian public. 

The IMPS was presented for the first time in 2012. It was introduced as a pilot programme by the National Payments Corporation of India. Just four banks presented the facility, which are Union Bank of India, State Bank of India, Bank of India and ICICI Bank. Apart from this, the immediate service payment method has now expanded to 150+ banks. National Payments Corporation was then developed by an IMPS and included HDFC Bank, Axis Bank and Yes Bank, later that year.

Key Features of IMPS 

Following are the features of the IMPS full form, that’s all are given below:

• It allows you to transfer short money, approximately 2 lakh per transaction, with an instant interbank electronic fund transfer service method.

• Another feature of the IMPS is that you can transmit the money in real-time. It allows you to send money from one place to another place freely without taking any service charge.

• You can transfer money through the IMPs method anytime with your mobile phone. It is available 24×7 throughout the year. Rather you can also transfer your money on Sundays and bank holidays.

• Also, you can acquire the  Immediate Payment Service method with multiple channels which are such as Net banking, mobile banking, SMS or even ATM.

• You need an MMID or account number, mobile number and IFSC code to send the money. 

IMPS via Mobile Banking

If you want to transfer the money via mobile banking, just use the 10-digit mobile phone number to create the bank account and the registration. Also, use an MMID to send the money. It is more beneficial. Follow the below-given points to know how it works and send the money via mobile banking. 

• First, you have to install the mobile banking app on your mobile phone.

• Make sure the cellular data connection of your mobile phone has turned on.

• Launch the app and enter your login details.

• After that, tap on the funds’ transfer option.

• Choose one option from NEFT, RTGS and  IMPS options.

• Tap on the IMPS option and put all the essential details such as MMID, mobile number and the minimum amount to be transferred.

• Verify all the details and finally, tap on the submit option to apply the fund transfer request to the bank.

Conclusion 

Consequently, all the above-mentioned information is explaining about the full form of the IMPS. Its full form is the Immediate Payment Service method. You can only transfer the maximum money through this service method is Rs 2 Lakhs per transaction. It is an immense service method to send or transmit the funds instantly from one place to another place. It is free of cost service methods. The IMPS is the best payment service method of all of the service methods. You can use the IMPS method very easily in comparison to others because it does not have any registration process or any hassling documentation procedure. Just put your necessary information and transfer the money to the receiver. If you want to know about its features, benefits and more info about the full form of IMPS, you must follow the above-described information.