Over the years, internet banking has grown by leaps and bounds. Net banking, also known as internet banking, is an electronic system enabling customers to access financial and non-financial banking products online. The arrival of e-banking has made it convenient to conclude any banking work from making payments to requesting Demand Drafts. There are different modes of transactions, that are secure and make the transaction easy at the convenience of peoples' homes.

Out of many different payment methods, IMPs is amongst the most used way of making payments since 2010. Continue to know more about the features and functions of IMPS.

IMPS or Immediate Payment Service is an instant interbank electronic fund transfer service through mobile phones. IMPS offer an instant, interbank electronic fund transfer service available 24x7x365 and can also be used on bank holidays. This banking feature processes Person-to-Person, Person to Account and Person to Merchant remittances via mobile and the internet. Being a multichannel and multidimensional platform, it makes payments possible within fractions of seconds with all the standards of security required for even high-worth transactions.

Being able to transfer instantaneously is a boon today, especially with consumers demanding quick services. Online shopping has impacted consumer shopping patterns and is the reason quick payment with real-time confirmation. Here are a few features of IMPS, that make it the most preferred mode

• Suits all types of customers
• Instant Payment
• Built-in Security Measures
• Transfer Limits for Fraud prevention
• Available 24 X 7 X 365
• Multiple Transfer Input options (IFSC / MMID/ Account no./AADHAAR no)

NPCI launched IMPS, partnering with 4 banks - State Bank of India (SBI), Bank of India (BOI), ICICI Bank, and HDFC Bank. The primary objective of IMPS was to enable instant interbank electronic fund transfers in India through mobile phones. The service was initially launched on a pilot basis, and after a successful testing phase, it was made available to customers across India. Here are a few key objectives of IMPS:

• Enable bank customers to use the mobile instrument as a channel for accessing banking facilities and fund remittance.
• Make payments simpler using just the mobile number of the beneficiary provided it is registered with the bank
• IMPS sub-serves the goal of RBI in the electronification of retail payment.
• To facilitate payment systems to be interoperable across banks and mobile operators safely and securely.
• Build a foundation of a full range of mobile-based Banking services

IMPS (Immediate Payment Service) have several stakeholders involved in its ecosystem. Some of the key stakeholders of IMPS include:

1. Remitters: Remitters are the senders, who are using the services to send money or make payments to someone. These are the primary units for the transactions. Remittance is the term used to refer to the money that is sent or transferred by the remitter.
2. Beneficiary: Beneficiaries is the person or entity who is designated to receive the proceeds of a financial transaction or the benefits of a financial account or policy.
3. Banks: The banks must have IMPS services and may have enough security for safe transactions.
4. NPCI (National Financial Switch): All this work of transactions is done under the NPCI. They keep all the information about all the transactions that happen across the country.

Sending and receiving money using IMPS is very convenient, provided a few s are requirements are kept under check. Pre-Requisites for Mobile Banking through IMPS are,

• It is important to register yourself with the mobile banking service of the financial institution.
• Get Mobile Money Identifier (MMID) and MPIN from your bank.
• Install mobile banking applications and ensure compatibility for your mobile with the application.

IMPS is one of the safest modes of online money transfer in India. Generally, there is a maximum limit of Rs. 2 Lacs, however, every bank has its own set of conditions on the limits. It is considered the best mode, as it facilitates transactions at any hour of the day irrespective of public or bank holidays.

Step 1: Before moving ahead with the registration process, it is essential to understand that "SMS alert service" is not considered mobile banking however, it is the very first step. A special request is raised with the bank to get the mobile number linked with the bank account.

Step 2: The bank issues a unique Mobile money identifier (MMID) and MPIN. It is a 7-digit number that includes the identification number of issuing banks.

Step 3: The third step involves downloading a mobile banking application through the Play store or through the download link received through SMS from the service-providing bank.

For transferring money through mobile banking, using this method, it is necessary that the receiver & sender are registered for mobile banking service. The sender will need the receiver’s MMID and mobile number for a quick transfer of funds.

In case the receiver is not registered with the mobile banking services, then the sender will need his account number and IFSC code of the branch for IMPS. Transferring money through MMID/Mob No or Account No/IFSC code is also known as IMPS P2P (Person to Person).

Transactions can be made through IMPS using the Aadhaar number of the receiver. If the sender is using Aadhar card details for transferring funds, the amount will be transferred to the receiver's bank account linked to the Aadhaar.

IMPS has played a pivotal role in the revolution of digital payments. Besides all the security layers, there are certain precautions that are required while transacting through internet banking. The sender and receiver must not share card details, OTP or any other confidential message with anyone.

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