IMPS Full Form | What Does IMPS Stand For?

IMPS: Immediate Payment Service

IMPS Full Form

IMPS full form is Immediate Payment Service. IMPS is an instant payment interbank electronic fund transfer system in India. IMPS provides interbank electronic fund transfer via mobile phone.

Including bank holidays, the service is available 24×7 throughout the year. India has transactions of about $ 20 billion per month, including 200 million IMPS transactions.

Brief Explanation

It is managed by the National Payments Corporation of India (NPCI) and is built on the existing National Financial Switch Network. In 2010, NPCI initially operated a mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India, and ICICI Bank).

The bank launched IMPS to the public on 22 November 2010. Currently, there are 53 commercial banks, 101 rural / district / urban and cooperative banks, and 24 PPIs have signed up for the IMPS service. For the transfer of funds, the remitter needs to know the beneficial bank account number and the beneficiary’s Indian Financial System Code.

What Is The Full Form Of IMPS?

IMPS full form is Immediate Payment Service. It is an instant payment interbank electronic fund transfer system in India. It provides interbank electronic fund transfer via mobile phone.

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