Sunday, February 8, 2015

IMPS : Immediate Mobile Payment System | Interesting Facts

IMPS stands for Immediate mobile payment system.
In this method your mobile number will be linked with your Bank Account number.
In addition you will be provided an unique ID called MMID and a unique password (PIN code)

Immediate Mobile Payment System IMPS

Now, what can we do with this MMID , IMPS things.

IMPS is one of the online payment system through which we can pay or bills, buy stuffs online through flipkart, ebay etc , recharge mobiles etc.

To Register IMPS :

  • The disappointing point is only very few banks provide IMPS option in India.
  • So, Banks like standard chartered, Kotak Mahindra, do not have IMPS method as of now.They uses NEFT method. But there is no drawbacks in both methods. Both are almost instant and user friendly.

  • Following are the only banks that provides IMPS option currently.
  • State Bank of India SBI , Bank of India, Union Bank of India, ICICI, YES Bank, HDFC Bank and Axis Bank are currently providing IMPS method as online payment system.

Registration process for IMPS :

  1. Contact your Bank and get MMID linked with your account number
  2. Get PIN code for that MMID
  3. Store it in mind or some secured place. Do not display in sticky notes or some easy accessing places

How to use IMPS:

  • While you do online payment like online bill payment, mobile recharge, online shopping etc, there are set of online payments like Internet Banking, Credit card, Debit card, IMPS , Oxigen etc.
  • You can choose IMPS and use this MMID and PIN code to process and finish your cash payment.