IMPS is used in relation to banking services. It is a type of online payment that is made instantly to the receiver party. You can use net banking, mobile banking, ATM and even offline banking to carry out IMPS transactions. The full form of IMPS is Immediate Payment Services. The other type of payment solution offered by the bank is NEFT, but IMPS usually remains the preferred choice. This is because the NEFT is settled in batches every 2 hours, whereas IMPS is settled immediately. This means that when you make an IMPS transaction, the receiver party will get the payment immediately.
IMPS is usually free to use, but some banks may charge you a fee of Rs 5, depending on your account type. If you would like to make an IMPS transaction to anyone, you would need their account number, account holder name and IFSC code. Alternatively, you can make an IMPS transaction using the beneficiary mobile number, beneficiary MMID and your secure banking PIN. IMPS has made it convenient to make payments, and another advantage here is that it is available 24×7. So, even if you make a payment at midnight, it will be initiated and transferred. You can contact your bank if you would like bank-specific or account-specific information about IMPS.