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Immediate Payment Service

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Immediate Payment Service
Native name
IMPS
Founded22 November 2010
Area served
India
WebsiteIMPS

Immediate Payment Service (IMPS) is one of the electronic funds transfer systems of India. Started in Nov.-2010.

IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS is an emphatic tool to transfer money instantly within banks across India through mobile,internet and ATM which is not only safe but also economical both in financial and non financial perspectives.

In the above context, NPCI has carried out a pilot on mobile payment system initially with 4 member banks viz State Bank of India, Bank of India, Union Bank of India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank have joined this pilot in month of September, October and November 2010 respectively. Immediate Payment Service (IMPS) public launch happened on 22 November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.

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


See also

References

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