{"id":553,"date":"2019-02-02T11:05:37","date_gmt":"2019-02-02T11:05:37","guid":{"rendered":"https:\/\/www.ixambee.com\/blog\/?p=553"},"modified":"2021-02-11T14:17:15","modified_gmt":"2021-02-11T08:47:15","slug":"full-form-of-imps-with-all-details","status":"publish","type":"post","link":"https:\/\/blog.ixambee.com\/full-form-of-imps-with-all-details","title":{"rendered":"Full Form of IMPS with All Details"},"content":{"rendered":"

What is IMPS?<\/b><\/h2>\n
\"IMPS
IMPS -Immediate Payment Service<\/figcaption><\/figure>\n

IMPS <\/b>stands for <\/span>Immediate Payment Service <\/b>in the Indian Banking System. It refers to an instant payment \u2018inter-bank electronic funds transfer system\u2019. <\/span>IMPS<\/b> is a money transfer mechanism that is managed by the <\/span>NPCI <\/b>(National Payments Corporation of India) and built upon the \u2018<\/span>National Financial Switch\u2019<\/span><\/i> network. IMPS offers an inter-bank electronic fund transfer service through mobile phones, which is available 24*7 all the year round, including the bank holidays.<\/span><\/p>\n

NPCI initially carried out a pilot project 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 <\/span>November 22, 2010<\/b>. Currently, there are 53 commercial banks, 101 Rural\/District\/Urban and cooperative banks, and 24 <\/span>PPIi<\/i><\/b> ( Prepaid Payment Instruments in India) signed up for the IMPS service.<\/span><\/p>\n

Important IMPS Features<\/b><\/h3>\n

In this digital age, the internet is one of the best ways to transfer and receive money \u2018to\u2019 and \u2018from\u2019 one\u2019s account respectively. Not having to go to a bank and waste time, is the greatest boon that digitization has offered to the new generation. <\/span>IMPS<\/b> is one such boon, which allows you to make any digital transactions as easily as you can imagine, without moving from one place to another. To be able to make the full use of this facility, you should be fully aware of all its aspects and features. <\/span><\/p>\n

Let\u2019s discuss some important features of IMPS:<\/span><\/h4>\n