Understanding IMPS transactions: A guide

Today, banking has become more efficient, secure, and instant. One such real-time fund transfer service is Immediate Payment Service. But what is an IMPS transaction, and how does it benefit users? Let us explore IMPS in banking, its meaning, and why it is widely used.

What is an IMPS transaction?

IMPS is an instant interbank electronic fund transfer service available 24/7, including bank holidays. Unlike NEFT, which operates in batches, and RTGS, which is used for high-value transactions, IMPS allows customers to transfer money instantly, making it a preferred choice for urgent payments.

IMPS meaning and features

IMPS transfer meaning is providing fast and secure money transfers between Bank Accounts: Here are its key features:

Instant transfers: Money is transferred within seconds.

Available 24/7: Works round the clock, including weekends and public holidays.

Multiple access: Accessible via Online Banking, ATM, and SMS.

Secure transactions: Uses strong authentication and encryption standards.

Wide acceptance: Supported by all major banks in India.

How to use IMPS for money transfers?

Transferring money via IMPS is simple and can be done through various banking channels:

Using Online Banking channels

• Log in to your portal.
• Select ‘IMPS’ as the transfer method.
• Enter the recipient’s details (mobile number & MMID or account & IFSC code).
• Confirm the transaction and authenticate it using OTP or MPIN.

Using ATM

• Visit an ATM supporting IMPS.
• Select the ‘Fund Transfer’ option and enter the recipient’s details.
• Authenticate and confirm the transfer.

Benefits of IMPS in banking

Speed and convenience: No waiting time; transactions are completed instantly.

Cost-effective: Lower transaction charges compared to RTGS.

Accessible anytime: No dependency on bank working hours.

Secure and reliable: Uses two-factor authentication for enhanced security.

Seamless IMPS with HDFC PayZapp

For a smooth and quick IMPS in banking, users can leverage HDFC PayZapp, a trusted digital payment platform. Whether sending money to friends or making urgent payments, HDFC PayZapp ensures secure and effortless transactions while also offering cashback rewards and discounts.

Conclusion

IMPS is a game-changer in banking, providing instant, safe, and accessible fund transfers anytime, anywhere. Whether transferring small amounts or making urgent payments, IMPS in banking is a highly efficient solution. Enhance your payment experience for quick, secure, and rewarding transactions.