IMPS can transfer money within minutes. Why isn’t it more popular?

For a mobile obsessed country like India, immediate payment service or IMPS could be a boon, provided the policymakers are interested in promoting this solution


The interbank mobile or immediate payment service (IMPS) from National Payments Corporation of India (NPCI) finally appears to be taking wings. Anyone anywhere can use IMPS to make a payment. For example, one can pay the grocery bill to the shop owner through a mobile phone, provided both are registered IMPS users with their respective banks. Similarly, one can pay a taxi fare to the taxi driver, directly through IMPS. Therefore, IMPS paves the way for all kinds of payments through banks, from a mobile handset.


With so many benefits, it is inexplicable that this system is not being pursued and implemented with more focus and dedication. “IMPS is a real time interoperable payment mechanism and warrants a network effect with a higher number of participating members in the ecosystem. The number of members in the ecosystem has only now reached a critical mass to provide for incremental volumes on IMPS. It is noteworthy that IMPS achieved one million a month approved transactions in the month of September 2013, over a span of about three years. However, the growth, thereafter, has been eight fold in the short span of 15 months,” said Ram Rastogi, Head Product Development-IMPS, NUUP & NACH, at NPCI.


With IMPS, you can transfer money to anyone with a mobile and seven-digit Mobile Money Identifier (MMID) number and that too within minutes. IMPS allow customers to make 24x7 instant interbank payments to individuals, or merchants via mobile phone, Internet or ATM. According to RBI guidelines, a customer can transact up to Rs50,000 a day through IMPS, provided he/she is using end-to-end encryption (provided by the bank). Transactions up to Rs1,000 a day can be facilitated by banks without end-to-end encryption.


Although IMPS offers instant payment transfer, due to the high transaction fee (about Rs5) several bank customers are reluctant to use it. In addition, not many bank customers are aware about obtaining a seven digit Mobile Money Identifier (MMID) number required for IMPS. The user also must have her mobile number linked with her bank account to use this facility. This is because, instead of using bank account number, the money is transferred using mobile number (registered and linked with a bank account) and MMID combination. In addition, the user (sender) is also required to use mobile personal identification number (MPIN) to authenticate the transaction.


After keeping low for almost four years since its launch, IMPS volumes in terms of transactions and value have more than doubled since April this year.


According to data from NPCI, as on November, IMPS witnessed 78.11 lakh transactions worth Rs5,415.60 crore compared with 31.67 lakh transactions valued at Rs2,154.23 crore as on March 2014. In pure term of growth, this increase appears quite good, however, IMPS as a medium for payment transaction has a lot to catch up with traditional instruments like cheque payments or new age real time gross settlement system (RTGS) and national electronic funds transfer (NEFT).


“In order to promote Mobile banking in India, NPCI has developed a USSD based mobile banking platform called National Unified USSD platform (NUUP). NUUP is available across all GSM service providers and in multi-lingual format over and above English language, with 10 regional languages including Hindi,” Mr Rastogi told Moneylife.


For 2013-14, RTGS witnessed a volume of 8.11 crore transactions valued at Rs734.25 lakh crore. Similarly total paper clearing, including cheque truncation system, MICR and non-MICR clearing, saw 125 crore transactions worth Rs93.02 lakh crore. Total retail electronic clearing, including ECS, NEFT, IMPS and National Automated Clearing House (NACH) witnessed a volume of 110.83 crore transactions with the value of Rs47.86 lakh crore, says data from the Reserve Bank of India (RBI).


Compared with the huge volumes and transaction amounts, the contribution from IMPS looks miniscule. But with the deep penetration of mobiles, coupled with increased bank accounts, IMPS is bound to grow at exponential volumes, provided it gets due attention from the government and policy makers. At present, the awareness about IMPS is also low amongst several bank customers as well as bank officials.


Mr Rastogi added, “71 member banks currently with NPCI cover all the public sector banks and almost all the private sector banks. These members together cover more than 90 to 95% of the banking customers. However, there is a lot to be desired from member banks in terms of popularizing IMPS to their respective customers.” This will happen in someone can suggest to the Prime Minister to include IMPS in his Digital India initiative.


How to use IMPS?


Registration for Remitter (sender):


•Register yourself with the mobile banking service of the bank.

•Get Mobile Money Identifier (MMID) and MPIN from the bank

•Download software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS


Registration for Beneficiary (receiver):


• Link your mobile number to the account in the respective bank.

• Get Mobile Money Identifier (MMID) from the bank


For Remitter (To send money):


•Login to the application and select the IMPS menu from the mobile app or use the SMS facility in your mobile if your bank provides IMPS on SMS

•Get Beneficiary Mobile number and MMID

•Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send

•Await confirmation SMS for the debit in your account and credit in beneficiary account

•Note the transaction reference number for any future query


To receive money:


•Share your mobile number and MMID with the remitter

•Ask the remitter to send money using your mobile number and MMID

•Check the confirmation SMS for credit to your account from the remitter

•Note the transaction reference number for any future query

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    Ramachandran Venkataraman

    1 year ago

    OK . MMID is required if you tranfer though mobile. I do tranfer through pc computer. Normally I send by NEFT. I first time tried IMPS to an account. but it failed. the money was debited first and got a message and credited to the account. but later refunded to me. I do not know why it failed. the beneficiary has been accepted by my bank. then why the tranfer failed. ? I am not able to get reason in the webpage.

    Ramachandran Venkataraman

    1 year ago

    I transferred fund through PC (not phone) to registered beneficiary by IPMS to registered benificary. It failed and debit reversed only after 3 days. Obviously I did not have MMID as I thought as transfer is not through phone banking. does it mean that IMPS transfer can be done ONLY THROUGH PHONE and not through PC. kindly clarify

    Ramachandran Povara

    3 years ago

    In IMPS and UPI mode of transactions both the parties have to register for the same and IFSC and Account numbers are not enough. I believe it is a handicap. It should have IFSC and Account number based transfer also. In case of NEFT one has to register the party and wait till the party is authorised by the bank. This results in delay. Moreover NEFT and quick transfer can be done during office hours of the bank and on working days only. When commercial transactions can be done with online vendors on a holiday or after banking hours why money transfer cannot be done during holidays and after banking hours ? These different methods of money transfers are confusing for the ordinary people. There is no uniformity in these transactions between different banks also.

    Pawan Gupta

    5 years ago

    I would appreciate if you make it avail with banks, I am customer of ICICI bank where this facility IMPS is not available in Mobile., It takes around 10 business hours to credited in beneficiary bank account.I hope you will understand & try to revert back to me asap.

    Chandrashekar Rao Kuthyar

    6 years ago

    To know your MMID send an SMS "MMID" to these numbers
    ALLA - 9248085700
    ANDB - 9223173924
    UTIB - 9717000002 (Axis Bank)
    BARB - 9223173928
    MAHB - 9975494909
    BKID - 9810558585
    CNRB - 5607060 (CANGENMMID)
    CBIN - 9967533228
    CORP - 9243717778
    BKDN - 9223175152 (Dena Bank)
    ICIC - 9222208888
    IBKL - 5676777 (IDBI Bank)
    IOBA - 9551099007
    VYSA - 5607099
    KKBK - 9971056767
    ORBC - 9223173923
    PUNB - 5607040
    SBHY - 9223440000 (MMID SBH)
    SBIN - 9223440000 (MMID SBI)
    SBMY - 9223440000 (MMID SBM)
    STBP - 9223440000 (MMID SBP)
    SBTR - 9223440000 (MMID SBT)
    SYNB - 9223175501
    UCBA - 56161
    UBIN - 9223173921
    UTBI - 9223173933
    VIJB - 9223173922
    Any errors or feedback may be sent to [email protected]


    6 years ago

    Obtaining MMID is not mandatory for receiving funds. Through IMPS, the sender can input the account no and IFSC code of the beneficiary and send the money. Thus sending money to aged parents can be done this way since they will not understand MMID. As per the new cheque books (CTS-2010), both account no and IFSC codes are printed on the face of the cheques and can easily be intimated to the sender

    113 Advertisements, including those of Unilever, Snapdeal, Godrej, Essar, Videocon, MTS and Dr Batra axed by ASCI based on complaints

    According to ASCI’s release 61 advertisements, or over half the advertisement banned were for Health and Personal Care category


    As many as 113 out of 144 complaints flagged by Advertising Standards Council of India (ASCI) were upheld in November 2014 by its Consumer Complaints Council (CCC).


    Companies asked to pull out their advertisements include Hindustan Unilever Ltd.


    (Lifebuoy), Richfeel Health and Beauty Pvt. Ltd., Godrej Consumer Products Ltd.


    (Goodknight), Dr. Batra's Homeopathy Clinic, Jasper Infotech P. Ltd. (Snapdeal), Essar Group (The Mobile Store), Mahindra Retail Pvt. Ltd. (Mom & Me) and Renault India Private Limited.


    According to ASCI’s release 61 advertisements, or over half the advertisement banned were for Health and Personal Care category. Education advertisments were the next highest (33) to be banned followed by e-commerce, telecom, automobiles, food & beverages and others.


    Prominent among those banned were:


    Hindustan Unilever’s Lifebuoy advertisement failed to substantiate its very precise claim of “10x more germ protection” and “10x more skin care”.


    Godrej Consumer Products Ltd (Goodknight) advertisement forgot the cautionary warning in its own product literature asking for the vapourizing machine be kept away from the reach of children. The ad has a child standing too close to the vapouriser.


    -Philips Electronics India Ltd (Philips Kerashine Styling Kit) was in trouble in a road safety issue – a girl in the advt stands on the rear seat of a moving vehicle ‘showcasing a complete disregard for traffic rules’.


    -Richfeel Health & Beauty Pvt Ltd (RichFeel Trichology Centre) The advertisement of RichFeel Trichology Centre could not substantiate its claim of ‘best hair care brand’ and providing the ‘best hair transplant’. It was also in trouble for violating the Central Council of Homeopathy Code of Ethics Regulations, Clause II 6.1 by mentioning the names of Dr. Apoorva Shah and Dr. Ferrari and soliciting patients in the advertisement.


    -Dr. Batra’s Homeopathy Clinic had multiple advertismements banned. It made several discount offers with payment options that could not be substantiated as genuine. It could also not substantiate two other complaints about its ‘revolutionary, non-surgical hair growth treatment from France’ or that ‘77% have seen results in just 8 weeks’.


    -Medihoney’s advertisement claimed that tes that weight gain is a result of low metabolism and its honey increases body metabolism causing weight loss. But it could prove its claims.


    - Advertisments offering magic remedies are rampant in the media and many complaints were upheld against claims for products that promise cures to a wide range of illnesses. Many of these companies claim to offer ‘organic’ or ‘ayurvedic’ products and come from barely known companies. Some claimed the ability to cure alcoholism (Amba Health Clinic), brighten skin tones (The Colors Bar), infertility (Jimmy Health Clinic, Nagmata Dawakhana, Malpani Infertility, Fortius Herbal Clinic) and even Parkinson's disease (EMC Super Specialty Hospitals Pvt. Ltd). None of them could substantiate their claims.


    -Jasper Infotech , i.e had, on 6th Oct. 2014, advertised in The Times of India regarding heavy discounts on pruchases from Snapdeal. However, while purchasing the products these products were not available and were sold out or the rates were higher while clicking the buy button.


    - Essar Group (The Mobile Store) claimed 0% interest EMI on products with or without credit card but was not substantiated.


    - Sistema Shyam Teleservices Ltd made the claim that its MTS 3G Plus TM network delivered strong average speed upto 9.8 Mbps, without mentioning that this may only be under ideal conditions. This was a matter that went into litigation and ASCI’s stand was upheld.


    - Complaints against Nissan Motor India Pvt. Ltd (Datsun Go) and Renault India Private Limited (Renault) advertisements were upheld for making misleading claims in the matter of insurance.


    - Coca-Cola India Inc (Coca Cola)’s advertisement contravened ASCI guidelines on Supers because its radio jingle was incomprehensible when it came to its claim that it contained no fruit juice.


    - Other complaints upheld in this category including those regarding advertisements from Haldiram Foods International Pvt Ltd (Haldiram Prabhuji) for an ad that claimed to offer “any 2 packs of mixtures/ bhujia are available for Rs. 100/-” (which in the absence of any disclaimers, was found to be misleading) and one from ABMiller India Ltd. (Miller Ace Non- Alcoholic Malt Beverage) for an advertizement for Miller Ace Non- Alcoholic Malt Beverage which was concluded to be a surrogate advertisement for a promotion of a liquor product – Miller Beer.


    - Educational institutions usually had their advertisements banned for claiming “job guarantee” (Mahanadi Education Society -Raipur Institute Technology – RITEE), 100% employment (Arcot Sri Mahalakshmi Women's Institute of Management), assured jobs (Bright Career Academy) or claiming to be “No 1” in their respective categories. They include institutions like Ramanujan College of Management, Kerala


    - Small Industry Development Corporation Ltd (Kerala SIDCO), Shri Maharana Pratap Pvt. ITI, Academy of Future Analysis (AOFA) College, SVKM’s Narsee Monjee


    - Institute of Management Studies, Swami Vivekanand University, Apollo Computer Education, ACME College of Engineering, Asian Institute, S R Institute of Management Technology (SRIMT), Institute of Technology & Management (ITM) and Institute of Computerised Financial Accounting (ICFA).


    - Bajaj Allianz Life Insurance Company Ltd (Bajaj Allianz): The advertisement claims to provide value added services such as 24x7 spot assistance, key and lock replacement cover along with the policy, fastest claims servicing through their 24 x7 call centre etc. The advertisement also claims “3400+ numbers of garages across the country”, “offer battery, fuel, spare keys assistance flat tyres, minor repairs and towing”, provide “Legal Advice and Medical Coordination”, “Message Service and Taxi Benefits Accommodation Benefits” and “Additional savings of upto 30% on medicines, eye care, dental care and many more outlets.” None of these claims were substantiated.


    - Godrej Consumer Products’ advertisement for Cinthol deodorant got banned for denigrating alcohol based deos to establish its superiority. It seemed to suggest that alcohol-based deodorants alcohol based deodorants can melt the human skin by showing ball-pen art dissolving when sprayed with an alcohol deo.


    - Mahindra Retail Pvt. Ltd (Mom & Me) was pulled up for its misleading claim of “Interest free EMI” although the interest was to bepaid after six months.


    - JK Wall Putty claimed "seelan mein bhipapdee ka koi chance nahin” without providing any substantiating technical evidence.


    - Videocon’s Split A/C ad also claimed 0% interest and zero process fee by Bajaj Finance - just pay Rs. 2014 and the balance in equal EMIs. A complainant had to pay the extra processing charges while purchase of the product.


    - Others in this catergory include advertisements from Marathon Nexzone and Aims Max Gardenia Developers Pvt Ltd (Glory 46) regarding real estate claims, Hopewell Tableware Pvt Ltd (Larah Dinnerware) for claiming to be the strongest opal ware and the first choice of vegetarians without any proof, etc.

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    Consumer Interest   Exclusive
    Are women travellers' issues secondary for GVK's Mumbai Airport?

    GVK says long queues for women is the Central Government’s Central Industrial Security Force's (CISF) responsibility and that stinking toilets are 'regularly monitored' for cleanliness


    Last week when Dolly Thakore, noted TV anchor, dramatist and social crusader reached Mumbai’s Chhatrapati Shivaji International Airport, she stood in a serpentine queue along with many other women as there was just one channel for security checks while for men there were six or seven of them.

    Thakore faced a similar problem at the Jaipur Airport, and found this discrimination unfair. She shot off a letter to GVK, the private agency that is in a Private-Public Partnership with the government to run Mumbai Airport, requesting it to address this issue promptly. Thakore wrote to the Airport Terminal Manager, “While GVK has brought about transformation in comfort, convenience and sophistication of air travel, it seems to have ignored the New Woman on the every airport there is only one Security Check for women and the queues are endless, while there are 6 or 7 such for men. It is time the Airport authorities recognised the woman on the move. Would appreciate a response and prompt action please. Her letter also raised the issue of inefficiently maintained women's toilets. “Could washroom staff be more alert and available at all times to maintain standards,” her letter added.

    In response, an unnamed person by the name of “Team - Customer Service & Quality” replied that it is the job of the Central Industrial Security Force (CISF) and that they have shared her feedback with them. The letter of this anonymous officer states, “As you are aware that processes like Security at all Indian Airports are handled by the CISF, We have shared your feedback with the CISF, alternatively you may directly write to them at [email protected]. All passenger feedback pertaining to them are shared with them for improvement in their services. Our management regularly conveys meetings with these agencies to ensure all processes are streamlined and minimize passenger inconvenience.’’

    The moot point is, if “passenger inconvenience” is their priority, are they blind to the fact that women stand in endless queues? Also, if the management is holding regular meetings, did they need a citizen to bring this inconvenience to their notice? Like most Public-Private-Partnerships, GVK too seems to be shrugging off the responsibility of passenger inconvenience by pointing to the government authority, in this case, the CISF.

    As for the women’s toilets and their appalling state, the anonymous officer of Team- Customer Service & Quality casually replied, “We would also like to inform you that our housekeeping team regularly monitors cleanliness of washrooms as well as the entire terminal building at all given points. However they have been briefed to be more vigilant while on duty and to increase the frequency of the washroom checks to ensure cleanliness is maintained round the clock.’’ Anyone who has visited CSIA Airport is aware of the dirty toilets ever since the Airport has had a grand makeover. Is it enough for GVK to merely “brief” the attendants to be more vigilant?

    Finally, as if rubbing salt in the wounds, the anonymous officer signs off “Our Vision for CSIA: To be one of the World's best airports that consistently delight customers and be the pride of Mumbai.’’



    Letter by CSIA to Dolly Thakore


    Dear Ms. Thakore,


    Greetings from CSIA, Mumbai!


    This is with reference to your feedback with us received through email dated 24/12/2014 regarding your experience at CSIA.

    At the outset, please accept our apologies for the inconvenience caused to you during your journey through Mumbai Airport. We understand your concerns and appreciate that you have brought them to our notice. As you are aware that processes like Security at all Indian Airports is handled by CISF, We have shared your feedback with CISF alternatively you may directly write to them on [email protected].


    All passenger feedback pertaining them are shared with them for improvement in their services. Our management regularly conveys meetings with these agencies to ensure all processes are streamlined and minimize passenger inconvenience.

    We would also like to inform you that our housekeeping team regularly monitors cleanliness of washrooms as well as entire terminal building at all given points. However they have been briefed to be more vigilant while on duty and to increase the frequency of the washroom checks to ensure cleanliness is maintained round the clock.

    We wish you a pleasant journey when you next transit through Chhatrapati Shivaji International Airport, Mumbai.

    Yours sincerely,


    Team - Customer Service & Quality
    Mumbai International Airport Pvt. Ltd.
    Tel:  91 22 66852351 / 2306 / 2307 (D)
    Fax: 91 22 66851572 (Office Hours)
    Email: [email protected]


    Our Vision for CSIA: To be one of the World's best airports that consistently delights customers and be the pride of Mumbai


    (Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)

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    6 years ago

    If the editor feels that my comments are also worth publishing in the "Moneylife" Issue along with this story, it may be so done.


    6 years ago

    Good story readymade for my comments. I would say, it is worst for all passengers irrespective of sex or age.
    The woes of passengers are unending. Yesterday( 28 Dec) I arrived from Jaipur by Go Air Flight G8392. Flight was late, I can understand the congestion to land .But then who is responsible for baggage delivery? Belt no 4 displayed delivery. A few bags came ,then it stopped. None was present either from GVK or Go Air to answer. After some time even the display also stopped and the passengers were running from one belt to another to find if new belt is being used.
    I approached GVK counter girl to help. She said it is not their responsibility, the Airline has to manage. She took two of us to GOAIR office on 1 st floor. None was present .After some noise, a gentleman came representing Go Air( Sans Uniform or ID) and said he is trying to clear the fault in delivery. After 10 minutes wait, baggage started arriving. Total time wasted was about 25 minutes for collection of my bag.
    After exit the real nightmare started which was a chaos worth remembering. Inside the arrival hall ,but before exit gate the 'Pre-paid Taxi Counter' was missing. Outside, as was prevailing earlier, this time there were neither sign boards for arriving passengers to go to any of the TAXI stands ( AC or non-AC)What was existing was a board- Car Pick Up or Fleet Cab.
    Like me, there were many passengers with children who did not have any car to pick up but wanted only a public transport at the prevailing tariff. A GVK attendant told us that all Taxi/Auto stands are abolished in wake of the UBER TAXI rape case in Delhi. When asked what alternative is provided to carry us home with baggage, reply was none except to stand at the Fleet Cab plaque. Hardly any cab was available. A few arrived in between but quoted arbitrary fare ( About 3 times of regular taxi ) This was not affordable to many and to a few like me, it was better to walk with baggage sans trolly ( not allowed after the Car/Cab exit point) in toe till IOC petrol pump or opposite Sahara hotel to catch a cab or Auto.
    Is it the standard and the upgraded facilities for harassed air travellers at GVK managed CSIA ? This was the worst scenario we Air passengers experienced. Now let the responsible and accountable authority ( Whether CSIF or GVK or some one else) tell who was responsible for this avoidable sufferings of Air travellers ?


    p t suresh

    In Reply to MOHAN SIROYA 6 years ago

    Sir, it is not the lack of facility or anything like that. It is the mindset. If you don't feel responsible and accountable, whatever facility you build is not useful!

    p t suresh

    6 years ago

    1. It should be made compulsory in all public service organizations to have a name and contact details of individual writing such letters. Team ... denotes no one is responsible in the team!!

    2. Organizations/People who collects money for goods/services should be made accountable for the money they collect. Cost of each item of the service should be spelt out separately so that if the customer do not get a particular service, the customer should not pay for the cost of the same.

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