Immediate Payment Service

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Immediate Payment Service
Native name
Founded 22 November 2010
Area served
Website IMPS

Immediate Payment Service (IMPS) is an instant real time inter-bank electronic funds transfer systems of India. Started in Nov.-2010.Unlike NEFT/RTGS the service is available 24x7, throughout the year including Sundays and any bank holiday.

IMPS offers an interbank electronic fund transfer service through mobile phones.

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 Shyamala Gopinath in Mumbai.

This facility is provided by NPCI through its existing National Financial Switch.

List of participating banks[edit]

See also[edit]