3 min read
24 November 2023

Introduced by the National Payment Corporation of India (NCPI) in 2010, IMPS or Immediate Payment Service is one of the fastest methods by which you can make your credit card payment. In fact, IMPS allows you to transfer funds in real-time, from your mobile phone or laptop any time of the day or year. There are two main ways by which you can pay your credit card bill via IMPS. One is through a Mobile Money Identifier (MMID) and the other by an IFSC code. Follow these steps to make your credit card payment through IMPS.

IMPS payments using an MMID

To carry out a credit card payment via this method, you will need to have your bank’s mobile application installed on your smartphone. Note that this application should be of the financier from whom you want to transfer the funds. The other prerequisite you need is to have your MMID or Mobile Money Identifier generated. This can be done via phone/ net/ or mobile banking methods. Then follow these steps.

  • Open the application and click on mobile banking
  • Select the bank account you would like to transfer funds from and then select IMPS and merchant payment
  • Enter the bank account number from where the credit card bill will be paid in the source field
  • Next, fill in the merchant mobile number and MMID number applicable for your credit card
  • Enter your credit card number in the indicated field
  • Fill in the amount you would like to pay and click confirm
  • You will receive a message confirming the payment

IMPS payments using an IFSC code

To make use of the IFSC code method, you will need to activate NetBanking and if required, the third-party transfer feature. This method is similar to making an NEFT payment.

  • Login to your bank’s NetBanking portal with your login ID and password
  • Add your credit card as a beneficiary by making the 16-digit card number as the account number
  • Next, navigate to IMPS-IFSC through the ‘payment and transfer’ tab
  • Choose your card as the payee. The name on the card should be entered as the payee name
  • Enter the amount you would like to pay
  • Fill in other contact information and add ‘credit card payment’ in the remarks field
  • Complete the transaction

Benefits of paying your credit card bill through IMPS

Paying your bill via IMPS can be the best way to make credit card payments. Here’s why.

  • IMPS-based payments are safe and secure
  • You can use this method anywhere, anytime as long as you have an internet connection
  • You can make payments all-day, 365 days a year, even on holidays
  • Payments are made instantly to the beneficiary

Transaction fees for IMPS-based payments

IMPS transactions are come with low processing fees. A credit card bill equal and below Rs. 1 lakh will have a fee of Rs. 5 + GST. A bill of above Rs. 1 lakh up to Rs. 2 lakh will have a fee of Rs. 15 + GST.

Having seen how to make your credit card payment through IMPS, learn about some of the other modes of paying your credit card bill as well. Knowledge of the diverse methods available to you will help you pay your bills before the due date and come to your rescue in case an IMPS payment fails for any reason.

Some of the most popular alternatives to IMPS payments are NEFT, NetBanking, NACH facility, cheque and BillDesk. Additionally, some issuers offer you a dedicated app through which you can manage your credit card and pay outstanding bills. For example, if you own a Bajaj Finserv RBL Bank Credit Card, then you can check your statement and pay bills instantly through the RBL MyCard App.

The SuperCard not only gives you versatile payment options at your fingertips, but also lets you enjoy powerful borrowing facilities on the go. For example, you can use it to make a convenient 50-day interest-free cash withdrawal at an ATM, obtain a 90-day interest-free personal loan, and make purchases over Rs. 3,000 affordable by converting them to EMIs. By using this 4-in-1 credit card you benefit from a range of impressive credit card offers and can make savings to the tune of Rs. 55,000 annually as well.

To add this credit card to your wallet hassle-free, check your pre-approved credit card offer from Bajaj Finserv. Doing so will give you instant approval and a chance to bag 20,000 reward points as a welcome gift!

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