IMPS is relatively new as compared to other means of funds transfer like RTGS and NEFT, the full form of IMPS is Immediate Payment Service and as the name suggests it refers to that process by which an individual can transfer funds from his or her bank account to other bank accounts immediately with the help of mobile. Given below are some of the important points or features of IMPS or immediate payment service –
- First and foremost important feature is that it is available 24*7 which implies that timings for IMPS are 24 hours and one can transfer the funds from one bank account to another bank account at any time of day or night which is not the case with other forms of funds transfer which can do for a specific time only during the day.
- A customer needs to have mobile in order to avail this facility and hence this service is not accessible to those people who do not have the mobile phone.
- Apart from funds transfer, one can use IMPS for a variety of services like recharge, fee payments, insurance premium payment, online shopping and so on.
- One does not have to go to the bank for doing transactions and one can do IMPS from anywhere whether it’s from home or from office or from any other place. In simple words, it is very easy convenient to use as far as the individual is concerned.
- Another feature of this system is that the funds are transferred instantly without any delay and thus it saves a lot of time as far as transfer of funds is concerned.
As one can see from the above that IMPS is an improvement over other transfer methods like NEFT and RTGS and that is the reason why it has been gaining popularity over the years.