HASSLE FREE TRANSFER OF MONEY FROM MOBILE FREE OF COST

Interbank Mobile Payment Service (IMPS)

Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system.

IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features.

Objectives of IMPS

• To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds.
• Making payment simpler just with the mobile number of the beneficiary.
• To sub-serve the goal of Reserve Bank of India (RBI)  in electronification of retail payments.
• To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner.
• To build the foundation for a full range of mobile based Banking services.

Pre-Requisites for Mobile Banking through IMPS

Registration for Remitter:

• Register yourself for mobile banking service with bank.
• Get Mobile Money Identifier (MMID) and MPIN from the bank.
• Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS.

Registration for Beneficiary:

• Link your mobile number to the account in the respective bank. No need to register for mobile banking service.
• Get Mobile Money Identifier (MMID) from the bank.

For Remitter (To send money):

• Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS.
• Get Beneficiary Mobile number and MMID.
• Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send.
• Await confirmation SMS for the debit in your account and credit in beneficiary account.
• Note the transaction reference number for any future query.

For Beneficiary (To receive money):

• Share your Mobile number and MMID with the remitter.
• Ask the remitter to send money using your Mobile number and MMID.
• Check the confirmation SMS for credit to your account from the remitter.
• Note the transaction reference number for any future query.