IMPS stands for Immediate Payment Service (IMP). It is an internet banking payment system that instantly transfers funds among partner banks electronically in the country. The service can be accessible 24/7 is offered even on bank holidays, unlike other options. Funds are electronically transmitted amid member banking institutions via mobiles.
In India, National Payment Corporation of India (NPCI) manages IMPS, which has designed based on the prevalent National Financial Switch network. Funds can be transmitted and received through the system of IMPS utilizing a Mobile Money Identifier and authorized mobile numbers.
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