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Immediate Payment Service (IMPS) is an immediate payment inter-bank electronic funds transfer system in India. It is managed by the National Payments Corporation of India (NPCI).

IMPS was publicly launched on November 22, 2010. Currently, there are 53 commercial banks, 101 Rural/ District/ Urban and cooperative banks, and 24 PPIi signed up for the IMPS service.

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IMPS offer an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

 

How IMPS works?

What are the features of IMPS?

The key features of IMPS Funds Transfer are as follows:

  • Instant Funds Transfer: You can make or collect money instantly with IMPS.
  • Easy Process: Add beneficiary details just like you do for NEFT/RTGS and wait for it to get active.
  • Confirmation Notifications: The sender and the receiver also get Credit and debit confirmations.
  • Round The Clock: The service is available 24×7. The IMPS service is available on Sundays and public holidays too.
  • Security First: IMPS money transfer is a safe and secure way of transferring funds to your friends and family.
  • Money Transfer Channels: You can choose the IMPS method to transfer money using net banking, mobile banking, ATMs and even SMSs.

Why choose Spice Money for IMPS?

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Spice Money provides digital payment solutions to the underserved section of society through its strong Agent Network. Spice Money enables Direct Money Transfer (DMT); it is an assisted retailer model that allows cash transfer from retail locations and instant fund transfer to bank accounts across India.

Benefits of IMPS on Spice Money:
  • Spice Money provides the fastest money transfer service IMPS on Spice Money portal.
  • The service provides instant money transfer providing the highest success rate and which is available 24×7 including Sundays and public holidays too
  • Spice Money has a dedicated team and finance monitoring team to resolve queries related to money transfer.
  • Spice Money also has the best, hassle-free settlement plan if ever your money gets stuck. The money can be reinitiated in that case just in few clicks.
  • Spice Money also provides support if the money is deposited in the wrong beneficiary account.

Spice Money IMPS process is as follows:

  1. Choose Money Transfer from Services menu
  2. Enter customer mobile number and click Submit. Customer will be registered if using service for the first time and verified through OTP. In case of an existing user, limits of the customer will get displayed.
  3. Add beneficiary and verify beneficiary (if not already done). If beneficiary already exists, choose the same.
  4. Enter the amount you want to deposit, select IMPS and click send money.
  5. An OTP will be sent on the customer mobile number. Enter the OTP and click confirm.
  6. Transaction Details will be provided as shown. You may close the window or you can generate the transaction receipt.

To become a Spice Money Agent or for any kind of queries, the customer can reach us at:

Post Author: Shubhani Rawat

Hi, I am Shubhani. I am a Technical Writer at Spice Money.

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