Immediate Payment Service (IMPS): A generally used money transferring payment method
Hey readers, today’s topic is very interesting because today we’re going to talk about Immediate Payment Service (IMPS).
We are living in a fast forward world and in this world, everyone wants his/her work can be done in minutes. Before some time there was a lack of facilities for doing work immediately and that’s why people had to face many problems in doing many works like transport and many others. In this matter, there are also many problems to transfer their money from one place to another.
In today’s world where technology is being the main source of life. Many peoples need to sent money from one place to others.
To solve this problem a solution came that this Immediate Payment Service (IMPS).
● What is IMPS?
Immediate Payment Service (IMPS) refers to a service that is used to done instant payment. This is also called the best method of Inter-bank electronic funds transfer. This service is the most used service in India. IMPS (Immediate Payment Service) can be done with the help of mobile phones, laptops, and many others also. As the name of IMPS (Immediate Payment Service), we easily assume about the work that this service help to transfer money immediately.
● History of IMPS?
This service is firstly introduced in the year of 2010. The exact date of launching of this service was 22nd November 2010. The operating area of this service is in India. This service did not reach other countries yet. IMPS (Immediate Payment Service) is now controlled by the National Payment Corporation of India (NPCI). NPCI launched this service with the help of its four partners which are State Bank of India, Bank of India, Union Bank of India and ICICI Bank. These are the partners of NPCI at the time of launching. NPCI also included HDFC Bank, Yes Bank, Axis Bank for expanding this service.
● Current situation of IMPS in India?
IMPS becomes the main source of transferring payments from one Bank account to another. This current situation of IMPS in India is very abroad. In today’s time, there were more than 53 commercial banks using this service. 101 banks which are Rural/District/Urban and some cooperative bank also which are using this service.
● Is IMPS is a safe method for payment transferring method
Yes, IMPS (immediate payment service) is totally a safe technology to transfer money. This service is adopted by most of the bank. This service is the best service which is provided by the government to easily transferring money from one place to another. IMPS safely transfer 200 million dollars transaction in every month. This is a very huge level which clarifies that this service is very trustworthy and reliable.
● Requirements to transfer money through IMPS
A person who wanted to send money through IMPS should know the bank account number of that person for whom he wanted to send money.
So, here we saw all the information about IMPS (Immediate Payment Service). This service is very trustworthy and reliable which doesn’t take more charge for using this service.