Immediate Payment Service

Electronic funds transfer system in India

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Immediate Payment Service

Operating area| India
Founded| 22 November 2010; 13 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. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24/7 throughout the year including bank holidays. 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 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]

## See also

[edit]

* India portal
* Banks portal
* Money portal

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

## References

[edit]

1. ^ Livemint (8 December 2019). "NEFT money transfer facility to be available 24×7 soon: 5 things to know". Livemint. Retrieved 16 April 2020.
2. ^ "RTGS is now available 24x7: Here are its advantages". The Economic Times. Retrieved 29 December 2020.
3. ^ "Do I need to register a beneficiary before transferring funds through UPI, what is maximum I can transfer? - What is UPI?". The Economic Times. Retrieved 10 April 2023.
4. ^ https://www.npci.org.in/PDF/npci/upi/Product-Booklet.pdf [bare URL PDF]
5. ^ "What Makes India's Unified Payments Interface (UPI) A Global Test Case?". 4 June 2022.
6. ^ VK, Anirudh (3 July 2019). "Multilingual Support Will Help Increase Adoption Of Mobile Payments In India, Says Gaurav Raina Of MPFI". Analytics India Magazine. Retrieved 10 April 2023.
7. ^ "ProdIMPS Volumes | NPCI - National Payments Corporation of Indiauct Statistics". www.npci.org.in. Retrieved 10 April 2023.
8. ^ "IMPS Volumes". www.npci.org.in. Retrieved 5 October 2019.

## External links

[edit]

* Official website

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Banking in India

Institutes|

| Central bank|

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Reserve Bank of India

Regulation|

* Reserve Bank of India Act, 1934
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People|

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Payments banks|

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or Wound up|

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banks|

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Banks|

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| Andhra|

* Andhra Pradesh Grameena Vikas Bank
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|

Kerala|

* Kerala Gramin Bank
* North Malabar Gramin Bank
* South Malabar Gramin Bank

Uttar Pradesh|

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

Defunct banks|

| Merged|

| PSB|

* New Bank of India
* Dena Bank
* Vijaya Bank
* Allahabad Bank
* Andhra Bank
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|

SBI|

* Bank of Bombay
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Rescued|

* Global Trust Bank (OBC)
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Acquired|

* Bank of Madura
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* Mercantile Bank of India, London and China
* Lord Krishna Bank
* Times Bank

| PSB|

* Bharat Overseas Bank
* Pandyan Bank

|

Wound up|

* Bank of Chettinad
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* Industrial Investment Bank of India

Failed|

* Alliance Bank of Simla
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Liquidated|

* Bengal Bank (1784)
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Networks|

| Interbank networks|

* Cirrus
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* PLUS

|

ATM networks|

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Cards|

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Online transfers|

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Payment service
providers|

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| Digital wallets|

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|

Related topics|

* ATM usage fees
* Bank run
* Black money
* Counterfeit money
* De-materialisation (de-mat)
* Demonetisation
* 2016
* Low denomination coins
* Foreign exchange (ForEx)

* Lists:  List of banks
* List of oldest banks in India

| Protocol and codes|

* Bharat Bill Payment System (BBPS)
* Indian Financial System Code (IFSC)
* National Unified USSD Platform (NUUP)
* Structured Financial Messaging System (SFMS)

|

Rates and ratios|

* Mumbai Inter-Bank Bid Rate - MIBID/Mumbai Inter-Bank Offer Rate - MIBOR
* Mumbai Interbank Forward Offer Rate - MIFOR
* Statutory Liquidity Ratio - SLR
* Cash Reserve Ratio - CRR

Regulators|

* Insurance - IRDAI
* Banking - RBI
* Securities - SEBI
* Bankruptcy - IBBI

Insolvency, bankruptcy
and reconstruction|

| Boards|

* BIFR
* IBBI
* CERSAI

|

Legislation|

* IBC
* SARFESI Act

Companies|

* ARCIL
* Edelweiss ARC
* IAMCL

Legislation|

* Banking Regulation Act, 1949
* Government Securities Act, 2006
* IBC, 2016
* NaBFID, 2021
* RBI Act, 1934
* SARFESI Act, 2002
* Income-tax Act, 1961
* Companies Act, 2013
* Insurance Act, 1938
* FEMA, 1999

Tribunals|

* Company Law - NCLT
* Appellate - NCLAT

Measures|

* Prompt Corrective Action

Other|

* Institute of Banking Personnel Selection
* Mumbai Consensus

* v
* t
* e

Mobile payment software

Active|

* 2C2P
* Adyen
* Alipay
* Amazon Pay
* Apple Cash
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* Atom Technologies
* Bancomat Pay
* bKash
* Blik
* Boku
* Carta Worldwide
* Cash App
* CDS Global
* Circle
* Easypaisa
* EnStream
* Ensygnia
* EServGlobal
* Fitbit Pay
* FreeCharge
* Garmin Pay
* GCash
* Google Pay
* Google Pay app
* Google Wallet
* Gopay
* iDEAL
* Interac e-Transfer
* JazzCash
* Jumio
* KakaoPay
* Line Pay
* Maya
* Mercado Pago
* Mir Pay
* MobiKwik
* Mobile Suica
* MobilePay
* Mopay
* M-Pesa
* Nagad
* NPCI
* IMPS
* UPI
* BHIM
* Naver Pay
* NEFT
* Orange Money
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* PayAnywhere
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* Touch 'n Go eWallet
* TWINT
* UnionPay app
* Vipps
* Wave Money
* WeChat Pay
* Wizzit
* YooMoney
* Zelle

Defunct|

* AirTag
* Bell ID
* CurrentC
* Fortumo
* Google Wallet (2011-2018)
* Kuapay
* Lemon Wallet
* LG Pay
* Microsoft Pay
* Paym
* Pingit
* Simpay
* Softcard
* Tagpay
* Tez
* vcash
* Zapp
* Znap

* Category

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