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For transferring funds real time and 24X7X365 interbank was a major challenge faced in banking industry. Only NEFT & RTGS were available to user for fund transfer during banking hours.

With the above context in mind, 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 RBI at Mumbai and this service is now available to the Indian public.

IMPS provides robust & real time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS, Branch and USSD(*99#). IMPS is an emphatic service which allow transferring of funds instantly within banks across India which is not only safe but also economical. Currently on IMPS, 243 members are live which includes banks & PPIs.

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

Objectives of IMPS

  • To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds
  • Making payment simpler just with the mobile number of the beneficiary
  • To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments
  • 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 build the foundation for a full range of mobile based Banking services.

The participants for IMPS will be as follows:

  • Remitter (Sender)
  • Beneficiary (Receiver)
  • Banks
  • National Financial Switch – NPCI

Pre-Requisites for Mobile Banking through IMPS

Registration for Remitter:

  • Register yourself with the mobile banking service of the bank.
  • Get Mobile Money Identifier (MMID) and MPIN from the bank
  • Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS

Registration for Beneficiary:

  • Link your mobile number to the account in the respective bank.
  • Get Mobile Money Identifier (MMID) from the bank

For Remitter (To send money):

  • Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS
  • Get Beneficiary Mobile number and MMID
  • Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send
  • Await confirmation SMS for the debit in your account and credit in beneficiary account
  • Note the transaction reference number for any future query
  • Share your Mobile number and MMID with the remitter
  • Ask the remitter to send money using your Mobile number and MMID
  • Check the confirmation SMS for credit to your account from the remitter
  • Note the transaction reference number for any future quer
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