This post is going to through more detailed insight on IMPS, a new form of transferring funds in India. Inter-bank Mobile Payment Service is a new facility added to Mobile Banking Service.
It can be used to transfer funds from one account to another by just knowing the mobile number and MMID of a user. Also the transfer of funds is in real time even for accounts maintained with other banks.
IMPS is controlled by NPCI (National Payment Corporation of India). The transfer of funds will happen in real time.
So what is this MMID?
Actually MMID (Mobile Money Identifier) is a 7 digit number allotted by your Bank for receiving funds through IMPS. Your Bank will allot MMID when you register your mobile number and account number in which you wish to receive funds. You have to share your mobile number and MMID with the remitter for receiving funds through IMPS.
How can I get MMID?
Getting MMID of your bank account is very easy. For instance SBI customers can just visit ATM and go through the mobile services option where MMID can be received. You can also visit your home branch to get MMID. People who are already using mobile banking application will have an option to receive MMID via mobile application.
Why do we need IMPS when NEFT/RTGS are already there for transferring funds?
Even though NEFT/RTGS are available to transfer funds, they are not 100% real time. NEFT and RTGS are just nearly real time. The transaction may take a maximum of 2 hours to complete. You cannot transfer funds on Saturday afternoon and Sundays as well as on all RBI declared public holidays related to NEFT/RTGS. IMPS is going to solve all these problems. It will work even on Sundays (24 hours and 365 days in year).
How can we send money under IMPS?
You should be a registered user of Mobile Banking Service of the Bank. Visit an ATM or Branch for activating your mobile banking service. Get beneficiary’s Mobile number and MMID. Send money to the beneficiary following the menu options given in the mobile banking application. Remember for sending funds you should be an active user of mobile banking service. Where as the person whom you are sending money need not be a mobile banking user. He/she should have just MMID so that he/she can receive funds from others.
How can I receive money under IMPS?
Register yourself with your Bank for getting MMID. Share your mobile number and MMID with the remitter. Check the confirmation SMS for credit to your account from the remitter.
What is OTP?
OTP stands for One time Password. Whenever you are making merchant payments you need to enter mobile number, MMID and OTP. Mobile number and MMID will always remain same for any transaction, but OTP is valid for only one transaction. For another transaction you have to generate OTP again.
How to generate OTP?
Generating OTP depends upon how you are making use of mobile banking service. For instance if you are using mobile banking application then in the application itself you will find an option to generate OTP. If you are using SMS banking then your bank may have already given you a format on how to generate OTP. Be in touch with your bank if you are not able to generate OTP. SBI is providing an option to its customers to generate OTP via toll free number 1800 425 3800 or 1800 11 22 11. Listen to the menu options carefully. I think you have to press option 5 for mobile banking and again option 1 for generating OTP. Remember OTP is valid for only one hour and that too for only one transaction. It doesn't matter whether the transaction is a success or failure. You are not able to use the same OTP again. Of course this is just for added security to us so that nobody can make use of the same OTP of a failed transaction.
What are the charges for availing this facility?
Presently, there are no charges for using the facility. At present 50 banks are offering this facility. Some of the banks are STATE BANK OF INDIA, BANK OF INDIA, UNION BANK OF INDIA, CORPORATION BANK, ORIENTAL BANK OF COMMERCE, KOTAK MAHINDRA BANK, AXIS BANK, ICICI BANK, YES BANK, HDFC BANK, LAKSHMI VILAS BANK etc. Many more banks are also going to join this service. For complete list of banks visit http://www.npci.org.in/bankmember.aspx
One more advantage of having MMID is, you can even book IRCTC ticket via this payment option. The charges will be only Rs.5/- for every ticket booking.
Hope you will find the information useful. We recommend you to visit the guidelines of respective bank websites for further details, terms and conditions.
It can be used to transfer funds from one account to another by just knowing the mobile number and MMID of a user. Also the transfer of funds is in real time even for accounts maintained with other banks.
IMPS is controlled by NPCI (National Payment Corporation of India). The transfer of funds will happen in real time.
So what is this MMID?
Actually MMID (Mobile Money Identifier) is a 7 digit number allotted by your Bank for receiving funds through IMPS. Your Bank will allot MMID when you register your mobile number and account number in which you wish to receive funds. You have to share your mobile number and MMID with the remitter for receiving funds through IMPS.
How can I get MMID?
Getting MMID of your bank account is very easy. For instance SBI customers can just visit ATM and go through the mobile services option where MMID can be received. You can also visit your home branch to get MMID. People who are already using mobile banking application will have an option to receive MMID via mobile application.
Why do we need IMPS when NEFT/RTGS are already there for transferring funds?
Even though NEFT/RTGS are available to transfer funds, they are not 100% real time. NEFT and RTGS are just nearly real time. The transaction may take a maximum of 2 hours to complete. You cannot transfer funds on Saturday afternoon and Sundays as well as on all RBI declared public holidays related to NEFT/RTGS. IMPS is going to solve all these problems. It will work even on Sundays (24 hours and 365 days in year).
How can we send money under IMPS?
You should be a registered user of Mobile Banking Service of the Bank. Visit an ATM or Branch for activating your mobile banking service. Get beneficiary’s Mobile number and MMID. Send money to the beneficiary following the menu options given in the mobile banking application. Remember for sending funds you should be an active user of mobile banking service. Where as the person whom you are sending money need not be a mobile banking user. He/she should have just MMID so that he/she can receive funds from others.
How can I receive money under IMPS?
Register yourself with your Bank for getting MMID. Share your mobile number and MMID with the remitter. Check the confirmation SMS for credit to your account from the remitter.
What is OTP?
OTP stands for One time Password. Whenever you are making merchant payments you need to enter mobile number, MMID and OTP. Mobile number and MMID will always remain same for any transaction, but OTP is valid for only one transaction. For another transaction you have to generate OTP again.
How to generate OTP?
Generating OTP depends upon how you are making use of mobile banking service. For instance if you are using mobile banking application then in the application itself you will find an option to generate OTP. If you are using SMS banking then your bank may have already given you a format on how to generate OTP. Be in touch with your bank if you are not able to generate OTP. SBI is providing an option to its customers to generate OTP via toll free number 1800 425 3800 or 1800 11 22 11. Listen to the menu options carefully. I think you have to press option 5 for mobile banking and again option 1 for generating OTP. Remember OTP is valid for only one hour and that too for only one transaction. It doesn't matter whether the transaction is a success or failure. You are not able to use the same OTP again. Of course this is just for added security to us so that nobody can make use of the same OTP of a failed transaction.
What are the charges for availing this facility?
Presently, there are no charges for using the facility. At present 50 banks are offering this facility. Some of the banks are STATE BANK OF INDIA, BANK OF INDIA, UNION BANK OF INDIA, CORPORATION BANK, ORIENTAL BANK OF COMMERCE, KOTAK MAHINDRA BANK, AXIS BANK, ICICI BANK, YES BANK, HDFC BANK, LAKSHMI VILAS BANK etc. Many more banks are also going to join this service. For complete list of banks visit http://www.npci.org.in/bankmember.aspx
One more advantage of having MMID is, you can even book IRCTC ticket via this payment option. The charges will be only Rs.5/- for every ticket booking.
Hope you will find the information useful. We recommend you to visit the guidelines of respective bank websites for further details, terms and conditions.
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