Tips To Remit Funds Using Interbank Mobile Payment Service (IMPS)

In the world of NEFT and RTGS where it takes 2 to 3 hours, IMPS come as a huge relief. The reason being the receiver receives the money instantly.

The IMPS—interbank mobile payment service—allows a person to electronically transfer money to another party using his mobile phone. In order to do so, both the remitter and the beneficiary's bank must be registered with the National Payments Corporation of India (NPCI).

The remitter needs to register himself with his bank for mobile banking services by filling up a registration form. The remitter's mobile number, through which the facility will be used, has to be registered with the bank.

MMID: On successful registration, a unique seven-digit mobile money identifier (MMID) is allotted against each account held by the holder. An MPIN is a PIN allotted for authenticating the mobile transactions.

Mobile app: The remitter needs to download the mobile banking app from his bank's website on a phone compatible for using such an application. Alternatively, one can transfer funds using IMPS by using a mobile phone's SMS facility, if the bank offers such a service.

Money transfer: To transfer funds, the remitter needs to log in to the mobile application and enter the beneficiary mobile number, beneficiary MMID, amount to be transferred, and MPIN in the application. Once the details are authenticated, the remitter receives a confirmation SMS for the debit. If the remitter chooses to use the SMS mode, he needs to send a text message to a designated mobile number in a manner specified by the bank.

Points to note

• The maximum limit for transfer on a single day per customer is Rs 50,000.
• The transaction reference number received on confirmation of the transfer can be used as a reference for queries.

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