The National Payments Corporation of India (NPCI) has introduced a new way of transferring money through IMPS (Immediate Payment Service) using only the mobile number and bank name of the recipient. This will eliminate the need to add beneficiaries and the IFSC code to make transactions.
IMPS is a popular and convenient method of money transfer that allows 24×7 instant domestic funds, which is accessible through different channels like mobile banking apps, bank branches, ATMs, SMS and IVRS. IMPS processes transactions through person-to-account (P2A) or person-to-person (P2P) transfer modes.
According to a circular issued by NPCI on October 31, 2023, all the members have to comply with initiating and accepting fund transfers via mobile number and bank name on all the channels of IMPS by January 31, 2024. The circular also directed remitter banks to maintain a mapping of member bank names with default MMID and enhance UI/UX to facilitate beneficiary validation and financial transactions using mobile numbers and bank names. Banks shall give the option to add a successful mobile number and bank name with a combination of payee/beneficiary on mobile banking and internet banking channels.
If multiple accounts are linked with a mobile number, the beneficiary bank shall credit to the primary/default account. The primary/default account shall be identified using the customer’s consent. The transactions will be declined without consent.
As per different media reports, one can transfer up to Rs 5 lakh through simplified IMPS without adding a beneficiary. If you want to learn how to transfer money through IMPS, Here is a step-by-step guide on how to transfer money through IMPS.
Step 1: Open the mobile banking application
Step 2: On the main page, check for the fund transfer option
Step 3: Choose IMPS as a method of fund transfer
Step 4: Enter the details like mobile number, bank name, MMID (Mobile Money Identifier) and MPIN (Mobile Personal Identification Number)
Step 5: Enter the amount and confirm
Step 6: Share the OTP received on the registered mobile number and complete the transactions
Meanwhile, Google India has announced a partnership with National Payments Corporation of India International Payments Limited (NIPL). As a part of this partnership, the two organisations have signed a Memorandum of Understanding (MoU) to expand the availability of United Payments Interface (UPI) payments outside India.Get latest Tech and Auto news from Techlusive on our WhatsApp Channel, Facebook, X (Twitter), Instagram and YouTube.
Author Name | Om Gupta