Immediate Payment Service

Short description: Electronic funds transfer system in India

Immediate Payment ServiceFile:200px

Operating area| India
Founded| 22 November 2010; 15 years ago (2010-11-22)
Owner| National Payments Corporation of India
Website| www.npci.org.in/what-we-do/imps/product-overview

Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. National Electronic Funds Transfer (NEFT) was also made available 24/7 from December 2019.[1] Real-time gross settlement (RTGS) was also made available 24/7 from 14 December 2020.[2]

Unified Payments Interface is built on top of IMPS, with the key architectural work done by the Mobile Payments Forum of India, IIT Madras and Institute for Development and Research in Banking Technology (IDRBT).[3][4][5][6]

## Contents

* 1 History
* 2 Interoperability
* 3 See also
* 4 References
* 5 External links

## History

Immediate Payment Service is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later that year. IMPS was publicly launched on 22 November 2010. As of April 2023, there are 722 member banks which signed up for the IMPS service.[7]

Around 200 million IMPS transactions amounting to roughly US$20 billion of transaction amount happen every month in India.[8]

IPMS Statistics [1] Year  | Member banks  | INR value (in mn)  | USD value (in bn)

|
|
|

2024*  | 919  | 7070902.52  | 818.87
2023  | 827  | 61908887.5  | 744.01
2022  | 684  | 49346951.5  | 608.02
2021  | 663  | 29324894.9  | 384.28
2020  | 620  | 26838329.3  | 363.76
2019  | 559  | 21819802.3  | 307.98
2018  | 394  | 13926164.8  | 188.21
2017  | 303  | 7660254.3  | 117.96
2016  | 190  | 3114447.1  | 46.11
2015  | 124  | 1328077.9  | 19.89
2014  | 73  | 390365.9  | 6.41
2013  | 59  | 33363.4  | 0.54

## Interoperability

On March 4, 2024, the Reserve Bank of India (RBI) declared its intention to introduce an interoperable payment system for online banking transactions. The implementation of such an interoperable system has been approved for NPCI Bharat BillPay Limited (NBBL), and it would be introduced in 2024, according to RBI Governor Shaktikanta Das.[9][10] It was included in the Payments Vision 2025 document, which was published in June 2022 by the Reserve Bank of India's Department of Payment and Settlement Systems.[11]

After RBI approved the project in March 2024, NBBL, banks, and fintech companies are negotiating to adopt internet banking or net-banking interoperability. The three biggest players in the net-banking industry, HDFC Bank, State Bank of India, and ICICI Bank, are now negotiating to join the initiative. It will allow for data visibility, appropriate consumer grievance procedures, standardization of merchant settlement cycles, and will expand the payment market potential due to increased merchant integration and competition from payment aggregators. The primary use cases of net-banking include payments to vendors, insurance premiums, mutual funds, and income taxes. Currently, each bank must collaborate with a different payment aggregator in order to allow consumers to conduct net-banking transactions. Interoperability makes it possible for any aggregator to let a bank's customers pay online via net-banking.[12][13]

In order for net-banking and mobile banking payments to be interoperable, NPCI has started the integration process for five to six banks. In the last quarter of 2024 or the first quarter of 2025, the system will be put online. The integration between HDFC Bank and ICICI Bank is already well progressed. Customers can opt to use net-banking to pay online when they check out of e-commerce sites because banks won't need to partner with payment aggregators to onboard merchants for net-banking payments because all banks would be accepted by merchant sites. The interoperability process is being spearheaded by Bharat Connect.[14]

## See also

* Payment and settlement systems in India
* National Electronic Fund Transfer
* Real Time Gross Settlement
* Unified Payments Interface

## References

1. ↑ Livemint (2019-12-08). "NEFT money transfer facility to be available 24×7 soon: 5 things to know" (in en). https://www.livemint.com/money/personal-finance/neft-money-transfer-facility-to-be-available-24-7-soon-5-things-to-know-11575714494558.html.
2. ↑ "RTGS is now available 24x7: Here are its advantages". The Economic Times. https://economictimes.indiatimes.com/wealth/save/rtgs-is-now-available-24x7-here-are-its-advantages/articleshow/79694136.cms?from=mdr.
3. ↑ "Mobile Payment Forum to come out with user-friendly features". mint. 29 October 2017. https://www.livemint.com/Industry/Zncj7qme3j2sogXLAptAOO/Mobile-Payments-Forum-to-come-out-with-userfriendly-feature.html.
4. ↑ ﻿UPI: Product Booklet﻿ (Report). NPCI. https://www.npci.org.in/PDF/npci/upi/Product-Booklet.pdf.
5. ↑ Das, Neelanjit (2022-06-04). "What Makes India's Unified Payments Interface (UPI) A Global Test Case?" (in en). https://www.outlookmoney.com/news/what-makes-india-s-unified-payments-interface-upi-bhim-googlepay-phonepe-a-global-test-case--news-200253.
6. ↑ VK, Anirudh (2019-07-03). "Multilingual Support Will Help Increase Adoption Of Mobile Payments In India, Says Gaurav Raina Of MPFI" (in en-US). https://analyticsindiamag.com/multilingual-support-will-help-increase-adoption-of-mobile-payments-in-india-says-gaurav-raina-of-mpfi/.
7. ↑ "ProdIMPS Volumes | NPCI - National Payments Corporation of Indiauct Statistics". https://www.npci.org.in/what-we-do/imps/product-statistics.
8. ↑ "IMPS Volumes". https://www.npci.org.in/imps-volumes.
9. ↑ "Address by Governor, Reserve Bank of India at the Digital Payments Awareness Week celebrations, March 4, 2024, RBI, Mumbai". 4 March 2024. https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1422.
10. ↑ Parasnis, Sharveya (2024-03-05). "RBI to Launch Interoperable Payment System For Net Banking" (in en-US). https://www.medianama.com/2024/03/223-interoperable-payment-system-net-banking-rbi/.
11. ↑ "Payments Vision 2025". Jun 2022. https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/PAYMENTSVISION2025844D11300C884DC4ACB8E56B7348F4D4.PDF.
12. ↑ Bhakta, Pratik (2024-03-25). "NPCI arm, banks and fintechs in talks for net banking synergies". The Economic Times. ISSN 0013-0389. https://economictimes.indiatimes.com/tech/technology/npci-arm-banks-and-fintechs-in-talks-for-net-banking-synergies/articleshow/108754756.cms?from=mdr.
13. ↑ Kumar, Abhijeet (27 March 2024). "NBBL to begin work on net banking interoperability from April: Report". Business Standard. https://www.business-standard.com/finance/news/nbbl-to-begin-work-on-net-banking-interoperability-from-april-report-124032700240_1.html.
14. ↑ Bhakta, Pratik (2024-11-28). "Interoperability in net banking payments soon". The Economic Times. ISSN 0013-0389. https://economictimes.indiatimes.com/tech/technology/interoperability-in-netbanking-payments-soon-icici-and-hdfc-bank-in-advanced-stages-of-integration/articleshow/115741276.cms?from=mdr.

## External links

* Official website

* v
* t
* e

Banking in India

Central bank|

* Reserve Bank of India

Public sector banks|

* Allahabad Bank
* Andhra Bank
* Bank of Baroda
* Bank of India
* Bank of Maharashtra
* Canara Bank
* Central Bank of India
* Corporation Bank
* India Post Payments Bank
* Indian Bank
* Indian Overseas Bank
* Oriental Bank of Commerce
* Punjab & Sind Bank
* Punjab National Bank
* State Bank of India
* Syndicate Bank
* UCO Bank
* Union Bank of India
* United Bank of India

State sector banks|

* Jammu & Kashmir Bank

Private sector banks|

* Axis Bank
* Bandhan Bank
* Catholic Syrian Bank
* City Union Bank
* DCB Bank
* Dhanlaxmi Bank
* Federal Bank
* HDFC Bank
* ICICI Bank
* IDBI Bank
* IDFC First Bank
* IndusInd Bank
* Karnataka Bank
* Karur Vysya Bank
* Kotak Mahindra Bank
* Lakshmi Vilas Bank
* Nainital Bank
* RBL Bank
* South Indian Bank
* Tamilnad Mercantile Bank Limited
* Yes Bank

Foreign banks|

* ABN AMRO
* Abu Dhabi Commercial Bank
* Antwerp Diamond Bank
* Australia and New Zealand Banking Group
* Bank Maybank Indonesia
* Bank of America
* Bank of Bahrain and Kuwait
* Bank of Ceylon
* The Bank of Tokyo-Mitsubishi UFJ
* Barclays
* Citibank India
* Credit Suisse
* DBS Bank
* Deutsche Bank
* HSBC
* Rabobank
* Royal Bank of Scotland
* Scotiabank
* Standard Chartered

Small finance banks|

* AU
* Capital
* ESAF
* Equitas
* Fincare
* Jana
* North East
* Suryoday
* Ujjivan
* Utkarsh

Payments banks|

* Aditya Birla
* Airtel
* Fino Payments Bank Limited
* NSDL Payments Bank Limited
* India Post
* Jio
* Paytm

| Surrendered Licencees|

* Sun Pharmaceuticals
* Tech Mahindra

|

Cooperative banks|

* District Co-operative Central Bank

* Buldhana Urban
* Cosmos Bank
* Mizoram Co-operative Apex Bank
* Rajkot Nagrik Sahakari Bank
* Repco Bank
* Saraswat Bank
* Shamrao Vithal Co-operative Bank
* TNSC Bank

Regional Rural Banks|

| Other|

* Andhra Pradesh Grameena Vikas Bank
* Andhra Pragathi Grameena Bank
* Assam Gramin Vikash Bank
* Bangiya Gramin Vikash Bank
* Gramin Bank of Aryavart
* Kerala Gramin Bank
* North Malabar Gramin Bank
* Mizoram Rural Bank
* Pallavan Grama Bank
* Pandyan Grama Bank
* Paschim Banga Gramin Bank
* Sarva UP Gramin Bank
* South Malabar Gramin Bank
* Uttar Bihar Gramin Bank
* Uttarakhand Gramin Bank
* Vananchal Gramin Bank

|

Uttar Pradesh|

* Allahabad UP Gramin Bank
* Gramin Bank of Aryavart
* Sarva UP Gramin Bank

Defunct banks|

* Alliance Bank of Simla
* Arbuthnot & Co
* Bank of Chettinad
* Bank of Hindostan
* Bank of Madura
* Bank of Rajasthan
* Bengal Central Bank
* Chartered Bank of India, Australia and China
* Commercial Bank of India
* Dass Bank
* Exchange Bank of India & Africa
* Industrial Investment Bank of India
* Lord Krishna Bank
* Madhavpura Mercantile Cooperative Bank
* Mercantile Bank of India, London and China
* Nath Bank
* Nedungadi Bank
* New Bank of India
* Oriental Bank Corporation
* Oudh Commercial Bank
* Palai Central Bank
* Pandyan Bank
* United Industrial Bank
* United Western Bank

| Merged|

* Dena Bank
* State Bank of Bikaner & Jaipur
* State Bank of Hyderabad
* State Bank of Indore
* State Bank of Mysore
* State Bank of Patiala
* State Bank of Saurashtra
* State Bank of Travancore
* Vijaya Bank

|

Rescued|

* Global Trust Bank

Acquired|

* Bharatiya Mahila Bank
* Bharat Overseas Bank
* Centurion Bank of Punjab
* Dena Bank
* Grindlays Bank
* ING Vysya Bank
* National Bank of India

Renamed|

* Bank of Bombay
* Bank of Calcutta
* Bank of Madras
* Imperial Bank of India

Networks|

| Interbank networks|

* Cirrus
* NFS
* PLUS

|

ATM networks|

* BANCS
* Cashnet
* MITR

Electronic funds transfers|

* BBPS
* IMPS
* NEFT
* RTGS
* UPI
* AEPS
* BHIM

Cards|

* MasterCard
* Debit MasterCard
* Maestro
* RuPay
* Visa
* Visa Debit
* Visa Electron
* Visa payWave

Related topics|

* ATM usage fees in India
* De-Materialisation (DEMAT)
* Foreign Exchange (FOREX)
* Indian Financial System Code (IFSC)
* List of banks in India
* NUUP
* Prepaid Payment Instruments in India

| Protocol|

* BBPS
* Structured Financial Messaging System (SFMS)

|

Institutes|

| Think Tanks|

* BBB
* BCSBI
* NCPI
* IBA
* IDRBT

|

Speciality banks|

* SIDBI
* NABARD
* NHB
* EXIM
* IIBI

Payment service|

* Atom
* BHIM
* BillDesk
* CCAvenue
* Google Pay
* Zeta India

| Digital wallets|

* Amazon Pay
* Freecharge
* Mobikwik
* Oxigen Services
* Payoneer
* Paytm
* PayU
* Payworld
* PhonePe

|

* v
* t
* e

Digital payment providers

Active|

* 2C2P
* Adyen
* Airtel Payments Bank
* Alipay
* Amazon Pay
* Ant Group
* Apple
* Card
* Pay
* Wallet
* Atlantic Money
* Bancomat Pay
* bKash
* BillDesk
* bit
* Bizum
* Blik
* Block
* Afterpay
* Square
* Boku, Inc.
* BPAY
* Bunq
* Carta Worldwide
* Cash App
* CDS Global
* Chase Paymentech
* WePay
* Circle
* Cred
* Dwolla
* Easypaisa
* Elavon
* EnStream
* Ensygnia
* EServGlobal
* Freecharge
* GCash
* Global Payments
* Google Pay
* Google Pay app
* Google Wallet
* iDEAL
* Ingenico
* Interac e-Transfer
* JazzCash
* Jumio
* KakaoPay
* Klarna
* Line Pay
* Maya
* Mir
* MobiKwik
* NTT Data Payment Services
* Mobile Suica
* MobilePay
* M-Pesa
* Mi-Pay
* MintChip
* MMQR
* Nagad
* NPCI
* IMPS
* UPI
* BHIM
* Naver Pay
* NEFT
* Nexi
* Nexgo
* Novalnet
* Nuvei
* Orange Money
* Osaifu-Keitai
* Passport
* PAX Technology
* Paya
* Payanywhere
* PayBox
* PayMate
* PayMe
* Paymentwall
* PayNow
* Payoneer
* PayPal
* Braintree
* Zettle
* Venmo
* Xoom
* PayPay
* PayPoint
* Paysafe
* Neteller
* Openbucks
* PaysafeCard
* Skrill
* Payzone
* Paytm
* PayU
* Paze
* Pepper
* PhonePe
* Pine Labs
* Pix
* POLi Payments
* QRIS
* Red Dot Payment
* Remita
* Revolut
* Samsung Pay
* Samsung Wallet
* Sarvatra Technologies
* Sezzle
* Shift4
* Shop Pay
* Skaleet
* Spice Money
* Stripe
* Swish
* Tata Neu
* Tencent
* Touch 'n Go eWallet
* TWINT
* UnionPay app
* Veem
* Verifi
* Verifone
* Versapay
* Vipps
* VugaPay
* Wave Money
* WebMoney
* WeChat Pay
* Wero
* WiPay
* Wizzit
* Worldline SA
* Worldpay, Inc.
* Yape
* YooMoney
* Zelle
* Zeta
* Ziina

Defunct|

* AirTag
* Bell ID
* Billpoint
* C2it
* Clinkle
* Flattr
* Fortumo
* Google Wallet (2011–2018)
* Kuapay
* Lemon Wallet
* LG Pay
* Merchant Customer Exchange
* Microsoft Pay
* Mozido
* PayDirect
* Paym
* Pingit
* Powa Technologies
* Qiwi
* Quahl
* Sage Pay
* Simpay
* Softcard
* Tez
* vcash
* Paydiant
* Ukash
* Wirecard
* Worldpay Group
* Zong

Remittance|

* CurrencyFair
* MoneyGram
* Nium
* OFX
* Remitly
* Rewire
* Ria Money Transfer
* Transfast
* TransferMate
* Travelex
* Western Union
* Wise
* WorldRemit
* XE

Related|

* Digital currency
* Digital wallet
* Mobile payment
* Payment service provider
* List of online payment service providers
* European Mobile Payment Systems Association

* Category

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