There is some big news regarding IMPS money transfer. Starting from February 1, users can transfer money through Immediate Payment Service (IMPS) without the need for beneficiary details and IFSC codes, as announced by the National Payments Corporation of India (NPCI).
Changes in IMPS Procedure:
- Users only need the receiver’s mobile number and bank account name for IMPS transactions.
- Beneficiary details and IFSC codes are no longer required.
- A circular from NPCI urges members to comply with the new process by January 31, 2024.
- Remitter banks are directed to maintain a mapping of Member Bank Names with default MMID and make necessary UI/UX enhancements.
About Immediate Payment Service (IMPS):
Immediate Payment Service is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24×7 throughout the year including bank holidays.
Existing IMPS Transfer Modes:
- IMPS currently processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes.
Handling Multiple Accounts:
- In cases where multiple accounts are linked to a mobile number, the beneficiary bank will credit the primary/default account with the customer’s consent.
- If consent is not provided, the bank will decline the transaction.
Step-by-Step Guide for IMPS Transfer:
- Open your mobile banking app.
- Click on ‘Fund Transfer.’
- Choose ‘IMPS.’
- Enter the beneficiary’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number).
- Enter the amount you want to transfer.
- Click on ‘Confirm’ to proceed.
- You may receive an OTP on your registered mobile number.
- Enter the OTP to complete the transaction.
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