Money Transfer: Send money instantly through IMPS, bank launches a new service!

PC: tv9marathi

Money can be transferred instantly from one account to another using the IMPS service. At present, customers have to put in a lot of effort to send money through IMPS. This service requires a customer account number and IFSC code. Who wants to transfer this amount? Its MMID is also required. After this, the amount is collected. Now this complex process is about to stop. Based on new technology, customers will be able to transfer money instantly.

Mobile number help

IMPS will use new technology to transfer money from one account to another. Now in UPI payment, money can be transferred only on the basis of mobile number. Following the same formula, the amount will be transferred through IMPS based on the mobile number. You can transfer up to Rs 5 lakh.

PC: IndiaFilings

What is IMPS?

IMPS is a real-time payment service. It works 24X7. This service has been launched by the National Payments Corporation of India (NPCI). In this, you can transfer money fast. Payment through IMPS is made in two ways. For individual account transfers, the receiver's account number, bank name, and IFSC code will have to be provided. The second type is person-to-person. This involves providing the mobile number and Mobile Money Identifier (MMID) of the person to whom the money is to be sent. MMID is a 7-digit number. Banks provide this number. It is used for mobile banking access.

Problem with mmid

Even though less details are required to transfer money from one person to another, MMID is required. Very few people take MMID numbers from the bank. But now anyone can send money instantly in a new way. In the new feature, you will have to enter the phone number and bank name in place of MMID. An amount up to Rs 5 lakh can be transferred without adding the name of the beneficiary in IMPS.

PC: Medium

Do IMPS transactions like this

To perform IMPS transactions, mobile banking registration must be completed in advance. There is no need to do this process through internet banking, ATM, or visiting the bank branch. Whoever you want to send money to. Its MMID number is required. Otherwise, you have to provide your bank account number and IFSC code.