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    Sunday, February 25, 2024

      IMPS : New Rules for Online Money Transfer From One Bank to Other | Details Inside

      You will be able to transfer money via Immediate Payment Service (IMPS) by just adding the receiver’s mobile number and bank account name from 1st February 2024, the National Payments Corporation of India (NPCI) said as there will be no need to add a beneficiary and the IFSC code.

      As per NPCI circular :

      “All the Members are hereby requested to take note of the same and comply for initiating and accepting fund transfer through Mobile number + Bank name on all IMPS channels by 31st January 2024," 

      NPCI also said that remitter banks are direct to maintain a mapping of Member Bank Names with default MMID and undertake necessary UI/UX enhancements.

      What is Immediate Payment Service (IMPS)?

      Immediate Payment Service (IMPS) is one of the most use methods of money transfer as it provides funds via various channels like Internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS.

      How do IMPS Process Transactions Currently?

      As of now, IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes.

      What about Multiple Accounts Linked against Mobile Number?

      For multiple accounts link against the mobile number, the Beneficiary bank shall credit to the primary/default account which will be identify using the customer’s consent.

      If customer consent is not given, the bank shall decline the transaction.

      How to Transfer Money via IMPS?

      1. Open your mobile banking app
      2. Click ‘Fund Transfer’
      3. Choose ‘IMPS’
      4. Enter the beneficiary’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number)
      5. Enter the amount you want to transfer
      6. Click on ‘Confirm’ to proceed
      7. You may receive an OTP on your register mobile number.
      8. Enter the OTP and complete the transaction.
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