IMPS Transfer – What It Means, How It Works & How to Use

IMPS, or Immediate Payment Service, is a real-time payment system that enables instant interbank fund transfers across India. Operated by the National Payments Corporation of India (NPCI), IMPS was introduced to simplify money transfers and make them accessible at any time.

Unlike traditional payment methods such as NEFT or RTGS, which operate only during specific hours, IMPS is available 24/7, including weekends and public holidays. It is versatile and can be used for various purposes, including transferring funds to bank accounts, mobile wallets, or merchant payments.

Key features of IMPS

• Instant transfers: Transactions are processed in real-time, ensuring immediate credit to the recipient’s account.
• Availability: IMPS operates round-the-clock, even on non-working days.
• Secure transactions: IMPS uses advanced encryption and authentication protocols to ensure the safety of your money.
• Ease of use: Fund transfers can be initiated through mobile apps, net banking, ATMs, or USSD codes.

IMPS has become a preferred choice for individuals and businesses alike due to its speed and reliability.

IMPS is widely accessible, making it easy for users to initiate transactions from various platforms. Below are the primary platforms that support IMPS transfers:

1. Bank websites

Most banks in India offer IMPS services through their online banking portals. Users can log in to their account, navigate to the fund transfer section, and select IMPS as the payment mode.

2. Mobile banking apps

Mobile banking apps provide a convenient way to access IMPS services. These apps allow users to transfer money on the go by entering the recipient’s details and authorising the transaction using OTP or PIN authentication.

3. USSD codes for feature phones

IMPS is also accessible via USSD codes, enabling users without smartphones to initiate fund transfers. By dialling a specific code provided by their bank, users can complete transactions securely.

4. ATMs

Certain banks allow IMPS transactions directly from ATMs. Users can select the IMPS option, enter the recipient’s details, and authorise the payment using their ATM PIN.

Pro tip:

To initiate an IMPS transfer, ensure your bank account is active and linked to your mobile number for seamless authentication.

While IMPS is designed for uninterrupted service, there are certain scenarios when it may not be available:

1. Account verification issues

IMPS transactions require active and verified banking credentials. If your account is inactive or not linked to your mobile number, you may face difficulties in using IMPS.

2. Scheduled downtimes

Banks occasionally conduct server maintenance or system updates, which may result in temporary unavailability of IMPS services.

3. Daily transaction limits reached

IMPS transactions are subject to daily limits, which vary across banks. If you exceed the permissible limit, you will need to wait until the next day to initiate further transfers.

Alternatives to IMPS

If IMPS is unavailable, you can opt for other payment methods such as NEFT, RTGS, or UPI, depending on your requirements and urgency.