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| website = [https://www.npci.org.in/product-overview/imps-product-overview IMPS] | | website = [https://www.npci.org.in/product-overview/imps-product-overview IMPS] | ||
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'''Immediate Payment Service''' (IMPS) is an [[instant payment]] inter-bank [[electronic funds transfer]] system in [[India]]. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays. [[National Electronic Funds Transfer|NEFT]] was also made available 24x7 from December 2019.<ref>{{Cite web|url=https://www.livemint.com/money/personal-finance/neft-money-transfer-facility-to-be-available-24-7-soon-5-things-to-know-11575714494558.html|title=NEFT money transfer facility to be available 24×7 soon: 5 things to know|last=Livemint|date=2019-12-08|website=Livemint|language=en|access-date=2020-04-16}}</ref> [[Real-time gross settlement|RTGS]] was also made available 24x7 from | '''Immediate Payment Service''' (IMPS) is an [[instant payment]] inter-bank [[electronic funds transfer]] system in [[India]]. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays. [[National Electronic Funds Transfer|NEFT]] was also made available 24x7 from December 2019.<ref>{{Cite web|url=https://www.livemint.com/money/personal-finance/neft-money-transfer-facility-to-be-available-24-7-soon-5-things-to-know-11575714494558.html|title=NEFT money transfer facility to be available 24×7 soon: 5 things to know|last=Livemint|date=2019-12-08|website=Livemint|language=en|access-date=2020-04-16}}</ref> [[Real-time gross settlement|RTGS]] was also made available 24x7 from 14 December 2020.<ref>{{Cite news|title=RTGS is now available 24x7: Here are its advantages|work=The Economic Times|url=https://economictimes.indiatimes.com/wealth/save/rtgs-is-now-available-24x7-here-are-its-advantages/articleshow/79694136.cms?from=mdr|access-date=2020-12-29}}</ref> | ||
It is managed by the [[National Payments Corporation of India|National Payments Corporation of India (NPCI)]] and is built upon the existing [[National Financial Switch]] network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks ([[State Bank of India]], [[Bank of India]], [[Union Bank of India]] and [[ICICI Bank]]), and expanded it to include [[Yes Bank]], [[Axis Bank]] and [[HDFC Bank]] later that year. IMPS was publicly launched on 22 November 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 [[Prepaid Payment Instruments in India|PPIi]] signed up for the IMPS service. <ref>{{Cite web|url=http://www.npci.org.in/bankmember.aspx|title=National Payments Corporation of India|website=www.npci.org.in|access-date=2017-07-26}}</ref> | It is managed by the [[National Payments Corporation of India|National Payments Corporation of India (NPCI)]] and is built upon the existing [[National Financial Switch]] network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks ([[State Bank of India]], [[Bank of India]], [[Union Bank of India]] and [[ICICI Bank]]), and expanded it to include [[Yes Bank]], [[Axis Bank]] and [[HDFC Bank]] later that year. IMPS was publicly launched on 22 November 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 [[Prepaid Payment Instruments in India|PPIi]] signed up for the IMPS service.<ref>{{Cite web|url=http://www.npci.org.in/bankmember.aspx|title=National Payments Corporation of India|website=www.npci.org.in|access-date=2017-07-26}}</ref> | ||
Around 200 million IMPS transactions amounting to roughly {{USD|20 billion}} of transaction amount happen every month in India.<ref>{{Cite web|url=https://www.npci.org.in/imps-volumes|title=IMPS Volumes|website=www.npci.org.in|access-date=2019-10-05}}</ref> The sender requires to know the bank account number and the [[Indian Financial System Code]] of the beneficiary to transfer money.{{fact|date=September 2020}} | Around 200 million IMPS transactions amounting to roughly {{USD|20 billion}} of transaction amount happen every month in India.<ref>{{Cite web|url=https://www.npci.org.in/imps-volumes|title=IMPS Volumes|website=www.npci.org.in|access-date=2019-10-05}}</ref> The sender requires to know the bank account number and the [[Indian Financial System Code]] of the beneficiary to transfer money.{{fact|date=September 2020}} | ||