IMPS stands for Immediate Payment Service. It is a real-time interbank electronic funds transfer service offered by banks in India. IMPS enables instant, 24/7, and 365-day transactions through various channels such as mobile phones, internet banking, ATMs, and bank branches.
Key features of IMPS include:
Real-time Transactions: IMPS allows immediate transfer of funds from one bank account to another in real-time, even on weekends and holidays.
Accessibility: It provides the convenience of transferring money using multiple channels like mobile phones, internet banking, ATMs, and bank branches.
Interbank Transactions: IMPS facilitates interbank transactions, allowing individuals to transfer funds across different banks in India.
Availability: It operates around the clock, providing 24/7 availability for transactions, making it particularly useful for urgent or time-sensitive payments.
Secure Transactions: IMPS transactions are secured by multiple layers of authentication, ensuring the safety and integrity of the transfer process.
IMPS has gained popularity due to its speed, convenience, and reliability, especially for small value transactions and immediate fund transfers. It has significantly contributed to enhancing the ease of banking and promoting digital financial transactions in India.
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