Greetings to you from Circle Wealth Advisors…

Interbank Mobile Payment Service or IMPS is a new banking service that offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put interbank fund transfers in a secured manner with immediate confirmation features. It belongs to National Payments Corporation of India (NPCI), an umbrella organisation for all retail payment systems in India. Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system.

Hence this new system is revolutionary, as it provides complete flexibility. Currently 50 banks are already participating inIMPS facility. To see the list of these banks and to register yourself for IMPS please click here.

IMPS has several benefits, some of them are highlighted below

• Instant interbank fund transfers – The key word here is instant, money is transferred in seconds
• 24 x 7 x 365 availability – No other facility offers this kind of flexibility, can be used even on holidays
• No more sharing of bank account details – makes transaction even more secure
• Credit and debit confirmations to sender and receiver – helps stay updated
• Saving Cost – transfer money for a charge as low as Rs2.50 (Vary from Bank to Bank)
• No Internet Connection required – Transaction can be executed via SMS

To get started visit on the link provided above and generate a MMID (Money Mobile Identifier), from your bank.

To send the money following things are required

• Mobile application or SMS details from your Bank
• MMID number for your mobile (one MMID for multiple accounts)
• Mpin issued by bank for transaction

To receive money all one needs is MMID number. This MMID number should be given to the person sending the money.

Please click here to watch a video by NCPI detailing the benefits of IMPS.

Please write back for more information

Happy Investing!!!