1. What is IMPS?
Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds therefrom.
2. Presently, how are interbank fund transfers made using mobile phone?
Various banks are providing remittance facility through their mobile banking platforms. The interbank remittance request initiated from a mobile is processed by the beneficiary bank as a National Electronic Fund Transfer (NEFT) transaction. The status of such payment request is therefore not known instantly because NEFT payments are processed in batches from 9 am to 7 pm. The NEFT transactions are charged by banks and charges vary from bank to bank
3. Does the customer need to have a bank account for availing IMPS?
Yes, the customer needs to have a bank account with the bank which has enabled this facility.
4. Does the customer need to register to remit the funds through IMPS?
Yes. Customer should enroll for Mobile Banking Service with the bank where customer has an account. The registration process shall be as per their bank’s laid down procedures.
5. Is the beneficiary customer also required to register for IMPS?
The beneficiary customer should have their mobile numbers registered with the bank where he/she maintain the account and where he intends to receive the credit and should have a valid MMID provided by the bank. No need to specifically enroll for Mobile Banking Service of the bank.
6. What beneficiary details does the customer need to affect an IMPS remittance?
The beneficiary details required are:
a. Beneficiary’s mobile number
b. MMID of the beneficiary customer
7. What is MMID?
Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer. (more…)