IMMEDIATE PAYMENT SYSTEM (IMPS) -DIGITAL PAYMENT SYSTEM IN INDIA

-


IMMEDIATE PAYMENT SYSTEM

First digital payment system in India 


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. 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, 647 members are live which includes banks & PPIs.

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 entity should have valid banking or prepaid payment instrument license from Reserve Bank of India to participate in IMPS.

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

Fund transfer/Remittance

●   Using Mobile number & MMID (P2P)

●   Using Account number & IFS Code (P2A)

Using Mobile number & MMID (P2P)

IMPS offer an instant,24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile, internet and atms. It is a multichannel and multidimensional platform that make the payments possible within fraction of seconds with all the standards and integrity maintained for security required for even high worth transactions.

Sender & Receiver - Have to register for Mobile Banking & get a unique ID called "MMID"

●   Generation of MMID is a One-time process

●   Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. & 7digit MMID of beneficiary.



DIGITAL PAYMENT SYSTEM IN INDIA

other types digital payment systems in india

Aadhaar Enabled Payment System (AePS)



Comments

Post a Comment

Popular posts from this blog

Review:boAt Airdopes 141 Bluetooth Truly Wireless in Ear Earbuds with mic, 42H Playtime, Beast Mode(Low Latency Upto 80ms) for Gaming, ENx Tech, ASAP Charge, IWP, IPX4 Water Resistance (Bold Black)

-
Image
BoAt Airdopes 141 Bluetooth Truly Wireless in Ear Earbuds with mic, 42H Playtime, Beast Mode(Low Latency Upto 80ms) for Gaming, ENx Tech, ASAP Charge, IWP, IPX4 Water Resistance (Bold Black)  Buy now Amazon 1. Introduction  Buy now Amazon The boAt Airdopes 141 Bluetooth Truly Wireless in Ear Earbuds with mic are very well made and have a great sound quality. The earbuds are very comfortable to wear and the ear hooks help keep them in place. The battery life is excellent and the charging case is very handy. The earbuds are easy to connect to your device and the sound is clear and crisp. The mic is very good and the earbuds are perfect for making calls. The only downside is that the earbuds are a bit expensive. Overall, the boAt Airdopes 141 Bluetooth Truly Wireless in Ear Earbuds with mic are an excellent choice and I would highly recommend them. 2. Product Specifications  Buy now Amazon The boAt Airdopes 141 Bluetooth Truly Wireless in Ear Earbuds with mic have the follow...
Read more

Top 10 Bank in India

-
Top 10 Bank in India According to the latest data from the Reserve Bank of India and other reliable financial sources, the top 10 banks in India are: 1. State Bank of India (SBI):                  The largest public sector bank in India, SBI has a wide network of branches and ATMs across the country.      2. HDFC Bank:                  Known for its excellent customer service, HDFC Bank is one of the largest private sector banks.      3. ICICI Bank:                 Another leading private sector bank, ICICI Bank offers a wide range of banking products and services.      4. Punjab National Bank (PNB):                      PNB is one of the oldest banks in India with a strong presence in rural and semi-urban areas.    ...
Read more

Navigating the Future: Remote Work Trends and Transformations

-
 Navigating the Future: Remote Work Trends and Transformations" Introduction: In a rapidly changing world, the landscape of remote work is continually shifting. Technological advancements, societal changes, and the global response to recent events have all played a role in shaping the future of how we work. In this blog post, we'll explore the evolving trends and transformations in the realm of remote work. 1. **Hybrid Work Models:**    Embracing flexibility, many organizations are leaning towards hybrid work models. This approach allows employees to split their time between remote and in-office work, fostering a balance between collaboration and individual productivity. 2. **Advanced Digital Collaboration:**    As technology continues to advance, digital collaboration tools will play a pivotal role in remote work. Expect the integration of AI-driven productivity tools, virtual reality for immersive meetings, and enhanced cybersecurity measures to ensure a seaml...
Read more