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Immediate Payment Service (IMPS)
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 atms. 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.
MMID - Mobile Money Identifier
Each MMID is a 7 digit code linked to a unique Mobile Number. Different MMIDs can be linked to same Mobile Number.
Both Sender & Receiver have to register for Mobile Banking & get a unique ID called "MMID"
• Generation of MMID is a One-time process.
• Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. & 7digit MMID of beneficiary.
IFS Code
11 digit alphanumeric number, available in the users Cheque book.
IMPS Fund transfer/Remittance options:
• Using Mobile number & MMID (P2P)
• Using Account number & IFS Code (P2A)
• Using Aadhaar number (ABRS)
• Using Mobile number & MMID (P2P)
• Customer Initiated - P2M(Push)
• Merchant Initiated - P2M(Pull)
Using Mobile number & MMID (P2P)
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.
Using Account number & IFS Code (P2A)
There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary mobile number is not registered with any bank account. In such cases, Remitter shall not be able to send money to the Beneficiary using Mobile Number & MMID.
Hence on the merit of the feedback received from the banking community as well as to cater the above mentioned need, the IMPS funds transfer has been made possible using Beneficiary account number and IFS code as well, in addition to Beneficiary mobile number and MMID.
Customer Initiated - P2M(Push)
IMPS Merchant Payments (P2M - Person-to-merchant) service allows customers to make instant, 24*7, interbank payments to merchants or enterprises via mobile phone. IMPS enables mobile banking users a facility to make payment to merchants and enterprises, through various access channels such as Internet, mobile Internet, IVR, SMS, USSD.
Sender enter details of merchant's (Customer initiated - Push)
• Merchant Mobile Number & MMID
• Amount to be transferred
• Payment reference (optional)
• Sender's M-PIN
Merchant Initiated - P2M(Pull)
IMPS Merchant Payments (P2M - Person-to-Merchant) service allows customers to make instant, 24*7, interbank payments to merchants or enterprises via Mobile & Internet. IMPS enables mobile banking users a facility to make payment to merchants and enterprises, through various access channels such as Internet, mobile Internet, IVR, SMS, USSD.
Customer enter own details (Merchant Initiated - Pull)
• Customer own Mobile Number
• Customer own MMID
• OTP (generated from the Issuer Bank)
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