Inter-Bank Mobile Payment Service (IMPS)
offers an instant, 24X7, interbank electronic fund transfer service through
mobile phones. There are two types of IMPS services: A personto-person (P2P)
service and a person-to-merchant (P2M) service. While the P2P service was
launched some 18 months ago, P2M service was made available only recently.
HOW TO START A P2P OR P2M SERVICE:
Register
your mobile number with your bank. Get a seven-digit Mobile Money Identifier,
or MMID, number. This number is used to identify your bank and is linked to
your account number. The combination of mobile number and MMID is unique for
particular account, and the customer can link the same mobile number with
multiple accounts in the same bank, and get separate MMID for each account. After
this, get a Mobile Banking PIN, or M-PIN, which is a password to be used during
transactions for authentication and security. Download mobile banking
application or use the SMS facility provided by the bank to make a payment.
HOW TO SEND OR RECEIVE FUNDS FOR P2P
TRANSACTIONS:
To
send money, initiate an IMPS transaction using the mobile app or SMS. You need
to enter the beneficiary's mobile number and MMID, amount and M-PIN for
initiating a transaction. You will then receive a confirmation SMS for the
transaction. To receive money, share your mobile number and MMID with the
sender. The sender then initiates the above-mentioned steps. And you get an SMS
confirmation for the money received.
HOW DOES THE P2M SERVICE WORK:
There
are two ways in which P2M transactions can be performed: customerinitiated
transactions (P2M PUSH) and merchantinitiated transactions (P2M PULL). P2M push
transactions can be used for paying insurance premium, mobile /DTH recharge,
credit card fee, utility bills, over-the-counter payments, and face-to-face
payments such as pizza delivery, couriers and cabs. For P2M PUSH, a customer
initiates transaction through the mobile banking app or SMS facility provided
by the bank. For P2M PULL, the transaction is initiated through the website of
the merchant. Plus you need to get a one-time password (OTP) from your bank.
IS THERE A CASH LIMIT:
Yes.
Most banks cap the daily limit via IMPS app at Rs 50,000 per day. SBI limits
transfers to Rs 1,000 per day through the SMS mode.
