Immediate Payment service enabled a user to send money 24*7 using mobile number, Aadhaar number and Bank a/c, IFSC Code. IMPS service can be accessed using internet banking, mobile banking and ATM.
A person can make payments using the following options:
- Using Mobile number & MMID (P2P)
- Using Account number & IFS Code (P2A)
- Using Aadhaar number (ABRS)
Using Mobile number & MMID (P2P)
IMPS offer an instant, 24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via Mobile, Internet and ATM. It is a multichannel and multidimensional platform that make the payments possible within fraction of seconds with all the standards and integrity maintained for security required for even high worth transactions.
Using Account number & IFS Code (P2A)
Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to make funds transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary needs to register their mobile number with their respective bank account and get MMID, in order to send or receive funds using IMPS.
In ABRS, a remitter can initiate IMPS transaction using the beneficiary's AADHAAR number, which acts as a financial address & which will be linked to the beneficiaries account number. ABRS facilitates in simplifying the IMPS payment initiation process as in this service the customer will have to input only AADHAAR number of the beneficiary for initiating an IMPS transaction. Another important utility of this service will be in disbursal of subsidy payment i.e. Electronic Benefit Transfer (EBT)/ Direct Benefit transfer (DBT) by the Government. ABRS will act as a catalyst in expanding financial Inclusion reach.