IMPS renamed as Immediate Payment Service



It has been more than 2 years since the launch of IMPS (Interbank Mobile Payment Service) by NPCI. Over the years, 50+ Banks have since joined the network.

There has been a steady growth in the volumes, though only a very less % of the possible transactions in our country have been migrated to IMPS.

During the last 3 months, the awareness level of IMPS amongst the bank customers is on the increase, as the word IMPS is frequently being mentioned by NPCI and also RBI.

The introduction of IMPS via Account Number and IFS Code is a major motivating factor for Bank customers to try out IMPS.

NPCI-IMPS Team is also rolling out publicity initiatives to popularize IMPS. In fact, if one is in the vicinity of NPCI-BKC Mumbai office, visitors can notice that the tea vendors and other fast-food vendors advertise that the payment can be made via IMPS.

A very recent change is the renaming of Interbank Mobile Payment Service as ‘Immediate Payment Service’.

The payment channels have also expanded. Now customers can initiate IMPS transactions via Mobile Banking, Internet Banking and also ATMs’.  This means all the alternate channels have been covered.

Another unique feature of IMPS, which I always highlight, is that ‘payments’, are possible 24*7, 365 days a year.

Apart from P2P, P2M transactions too have been enabled.

So, what is stopping you from trying out IMPS?


Re-disseminated by Prashant N. Banker by daytime, Blogger by night.



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