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Immediate Payment Service

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Immediate Payment Service
Operating areaIndia
Founded22 November 2010; 13 years ago (2010-11-22)
OwnerNational Payments Corporation of India
Websitewww.npci.org.in/what-we-do/imps/product-overview

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 24/7 throughout the year including bank holidays. National Electronic Funds Transfer (NEFT) was also made available 24/7 from December 2019.[1] Real-time gross settlement (RTGS) was also made available 24/7 from 14 December 2020.[2]

Unified Payments Interface is built on top of IMPS, with the key architectural work done by the Mobile Payments Forum of India, IIT Madras and IDRBT.[3][4][5][6]

It is managed by the 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. As of April 2023, there are 722 member banks which signed up for the IMPS service.[7]

Around 200 million IMPS transactions amounting to roughly US$20 billion of transaction amount happen every month in India.[8]

See also

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References

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  1. ^ Livemint (8 December 2019). "NEFT money transfer facility to be available 24×7 soon: 5 things to know". Livemint. Retrieved 16 April 2020.
  2. ^ "RTGS is now available 24x7: Here are its advantages". The Economic Times. Retrieved 29 December 2020.
  3. ^ "Do I need to register a beneficiary before transferring funds through UPI, what is maximum I can transfer? - What is UPI?". The Economic Times. Retrieved 10 April 2023.
  4. ^ UPI: Product Booklet (PDF) (Report). NPCI.
  5. ^ "What Makes India's Unified Payments Interface (UPI) A Global Test Case?". 4 June 2022.
  6. ^ VK, Anirudh (3 July 2019). "Multilingual Support Will Help Increase Adoption Of Mobile Payments In India, Says Gaurav Raina Of MPFI". Analytics India Magazine. Retrieved 10 April 2023.
  7. ^ "ProdIMPS Volumes | NPCI - National Payments Corporation of Indiauct Statistics". www.npci.org.in. Retrieved 10 April 2023.
  8. ^ "IMPS Volumes". www.npci.org.in. Retrieved 5 October 2019.
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