IMPS – Get Set Go for an improved IMPS experience

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            NPCI today i.e. March 20, 2021vide a Tweet announced the upgradation of IMPS system.

            The full tweet can be read @ https://twitter.com/NPCI_NPCI/status/1373293757605453828/photo/1

            The upgrade is to enable the IMPS participants to experience a better, faster, and safer payment experience.

            IMPS is NPCIs offering to India for an ‘Immediate Payment Service’, channel. IMPS is the fore-runner to UPI (Unified Payment Interface).

            NPCI introduced IMPS to Bank Account Holders on 22nd November, 2010.

            The product’s initial name was ‘Inter-Bank Mobile Payment Service’. In January 2013, this was renamed as ‘Immediate Payment Service’.   

            Over the years, IMPS volumes have been on the increase.

            There are specific use cases for IMPS, which contributes to its popularity.

            Sample IMPS Use Cases:

01) Credit Card Due Payments

02) Mutual Fund Redemptions

Please refer to the below sample messages for further information.



 

To know more about IMPS, please refer to this introduction @ https://www.npci.org.in/what-we-do/imps/product-overview

Looking forward to a better, faster, and safer payment experience.



 

 

 

 


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