Immediate Payment Service
Topic: Finance
From HandWiki - Reading time: 3 min
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| Operating area | India |
|---|---|
| Founded | 22 November 2010 |
| Owner | National Payments Corporation of India |
| Website | [1] |
Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India . IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays. NEFT was also made available 24x7 from December 2019.[1] RTGS was also made available 24x7 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 IDRBT[3][4][5][6]
It 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] The sender requires to know the bank account number and the Indian Financial System Code of the beneficiary to transfer money.[citation needed]
See also
- Payment and settlement systems in India
- National Electronic Fund Transfer
- Real Time Gross Settlement
- Unified Payments Interface
References
- ↑ 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.
- ↑ "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.
- ↑ "Do I need to register a beneficiary before transferring funds through UPI, what is maximum I can transfer? - What is UPI?". https://economictimes.indiatimes.com/wealth/save/does-i-need-to-register-a-beneficiary-before-transferring-funds-through-upi-what-is-maximum-i-can-transfer/what-is-upi/slideshow/91737950.cms.
- ↑ https://www.npci.org.in/PDF/npci/upi/Product-Booklet.pdf [bare URL PDF]
- ↑ "What Makes India's Unified Payments Interface (UPI) A Global Test Case?". https://www.outlookindia.com/business/what-makes-india-s-unified-payments-interface-upi-bhim-googlepay-phonepe-a-global-test-case--news-200253.
- ↑ 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/.
- ↑ "ProdIMPS Volumes | NPCI - National Payments Corporation of Indiauct Statistics". https://www.npci.org.in/what-we-do/imps/product-statistics.
- ↑ "IMPS Volumes". https://www.npci.org.in/imps-volumes.
External links
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