Inter-Bank Mobile Payment Service (IMPS)

WHAT IS IMPS?

IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. There are two types of IMPS services: A personto-person (P2P) service and a person-to-merchant (P2M) service. While the P2P service was launched some 18 months ago, P2M service was made available only recently.

HOW TO START A P2P OR P2M SERVICE?

Register your mobile number with your bank. Get a seven-digit Mobile Money Identifier, or MMID, number. This number is used to identify your bank and is linked to your account number. The combination of mobile number and MMID is unique for particular account, and the customer can link the same mobile number with multiple accounts in the same bank, and get separate MMID for each account.

After this, get a Mobile Banking PIN, or M-PIN, which is a password to be used during transactions for authentication and security. Download mobile banking application or use the SMS facility provided by the bank to make a payment.

HOW TO SEND OR RECEIVE FUNDS FOR P2P TRANSACTIONS?

To send money, initiate an IMPS transaction using the mobile app or SMS. You need to enter the beneficiary's mobile number and MMID, amount and M-PIN for initiating a transaction. You will then receive a confirmation SMS for the transaction. To receive money, share your mobile number and MMID with the sender. The sender then initiates the above-mentioned steps. And you get an SMS confirmation for the money received.

HOW DOES THE P2M SERVICE WORK?

There are two ways in which P2M transactions can be performed: customerinitiated transactions (P2M PUSH) and merchantinitiated transactions (P2M PULL). P2M push transactions can be used for payinginsurance premium, mobile /DTH recharge, credit card fee, utility bills, over-the-counter payments, and face-to-face payments such as pizza delivery, couriers and cabs.

For P2M PUSH, a customer initiates transaction through the mobile banking app or SMS facility provided by the bank. For P2M PULL, the transaction is initiated through the website of the merchant. Plus you need to get a one-time password (OTP) from your bank.

IS THERE A CASH LIMIT?

Yes. Most banks cap the daily limit via IMPS app at Rs 50,000 per day. SBI limits transfers to Rs 1,000 per day through the SMS mode.