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.
Full-Form: IMMEDIATE PAYMENT SERVICE – IMPS.
The sender requires to know the bank account number and the Indian Financial System Code of the beneficiary to transfer money.
● Prelims points :-
💡 Transfer amount – 1 lakh to 2 lakhs.
💡Target customers – Ordinary retail customers .
💡Charges – GST and Fees.
💡 Settlement mechanism – Instant settlement.
💡Banks, mobile-wallet companies like Phonepe, Mobikwik provide this facility.
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