Users will be able to transfer money through Immediate Payment Service (IMPS) by just adding the receiver’s mobile number and bank account name from February 1, the National Payments Corporation of India (NPCI) said as there will be no need to add a beneficiary and the IFSC code.
“All the Members are hereby requested to take note of the same and comply for initiating and accepting fund transfer through Mobile number + Bank name on all IMPS channels by 31st January 2024,” NPCI said in a circular, adding that remitter banks are directed to maintain a mapping of Member Bank Names with default MMID and undertake necessary UI/UX enhancements.
What is the Immediate Payment Service (IMPS)
Immediate Payment Service (IMPS) is one of the most commonly used methods of money transfer as it provides funds through various channels like Internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS.
How do IMPS process transactions currently?
As of now, IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes.
What about multiple accounts linked against mobile number?
For multiple accounts linked against the mobile number, the Beneficiary bank shall credit to the primary/default account which will be identified using the customer’s consent. If customer consent is not provided, the bank shall decline the transaction.
How to transfer money through IMPS?
- Open your mobile banking app
- Click ‘Fund Transfer’
- Choose ‘IMPS’
- Enter the beneficiary’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number)
- Enter the amount you want to transfer
- Click on ‘Confirm’ to proceed
- You may receive an OTP on your registered mobile number.
- Enter the OTP and complete the transaction.
