Inter-bank Mobile Payment Service (IMPS) - Anyone tried it?

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varkey

varkey

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Just saw the Inter-bank Mobile Payment Service (IMPS) banner on ICICI Site -- IMPS | Insta Money Transfer | Mobile Money Transfer | Online Mobile Banking

Seems to be a very good service, has anyone tried it yet? Currently only the following banks are offering the service

PARTICIPATING BANKS
  • State Bank of India
  • Axis Bank
  • Bank of India
  • ICICI Bank
  • Union Bank of India
  • YES Bank
  • HDFC Bank
  • Kotak Bank
  • Lakshmi Vilas Bank
Click to expand...

They say the transfer is instant, is it really so? Would be a great alternative for NEFT if the amount is credited instantly. Please post your experiences.

Some Links

SBI Launched Inter-bank Mobile Payment Service (IMPS) – Basic Knowledge on Mobile

STATE BANK OF INDIA :: INDIA's LARGEST BANK

Instant Mobile Payment Service (IMPS) – 5 Things You Should Know
 
Update

I just made a transfer through IMPS from my ICICI to HDFC account and the amount got credited in less than 30 seconds. I confirmed the transfer through ICICI Mobile Banking App, and immediately received a Reference Number in the app itself.

Next second got an SMS saying ammount debited, few seconds later got an SMS from HDFC saying the amount is credited. ICICI also sent a confirmation SMS saying the amount has been credited to the HDFC account.

Now this is really a great improvement from NEFT, no cut off timings, and instant interbank fund transfer. :)

@shravank30 : It is real time and amount is credited immediately. :D
 
^But their charges were hefty for this service i guess, and some 5K limit also right? BTW Off-topic, are u using imobile android app? Why these nonsense using SMS for this any actions in it? that even to premium number where charges were high :(
 
^ There are no charges, its free and the limit is 50k per transaction. :)

Yes iMobile for Android, there was an update today which enabled IMPS. SMS is only sent once or twice when you install the App for the first time, for activation and after that you can use it through Wifi or Edge etc.
 
oh that good news, but so far only icici launched imobile for android and i badly needed for axis bank... did any one know is it available already or not?

and regarding sms usage, my last month bill almost came around 150 for this premuim sms, since i was testing / experimenting imobile for like anything thinking that it will use gprs :(
 
^ Even I read some comments in the Android Market saying they are being charged for SMS for every transaction. Did you change the channel to GPRS in the settings page?

Anyway for me its working fine on Wifi/GPRS from the time it was launched. :)
 
To receive money, you will need to share your mobile number and MMID with the person sending money (remitter).

wat does this mean, does both the sender and the receiver have to have MMID no for the transfer to occur , if thats the case then i dont think it wud work

or am i getting it wrong somewhere?
 
^ The sender has to initiate the transfer through his bank's Mobile Banking app. He will have to enter the receiver's MMID, Mobile Number and the amount.

The sender & receiver must be registered for mobile banking which in turn will allow him to get the MMID anyway, although the sender's MMID is not required for the transaction.
 
^ yup thats wat i meant , both parties must be registered before the transaction can take place , i dont think it will be of any use to me at the most i can transfer funds within my accounts in diff banks only , not anywher else, now who can make them register :bleh:

and tell me is there any service charge of rs5/- while doing inter bank transfer as in NEFT??
 
^

That's true. But they don't have to register specifically for IMPS. If they are using the Mobile Banking services they are already registered for IMPS and can get the MMID from the Mobile Application directly or by sending an SMS.

As of now there are no charges for IMPS.
 
IMPS transfers are now possible with just the account number and the IFS code, no need to find the MMID of the recipient anymore.

Participating banks for IMPS through account number are


  1. Thane Janata Sahakari Bank
  2. Dombivli Nagari Sahkari Bank
  3. Greater Bombay Bank
  4. Tamilnad Mercantile Bank
  5. The A P Mahesh Urban Co-operative Urban Bank
  6. Canara Bank
  7. State Bank of India
  8. Indian Bank
  9. Bank of Baroda
  10. Andhra Bank
  11. Yes Bank
  12. Saraswat Bank
  13. State Bank of Hyderabad
  14. ICICI Bank
  15. BNP Paribas
  16. Federal Bank
  17. Karur Vysya Bank
  18. Corporation Bank
  19. IDBI Bank
  20. Punjab & Maharashtra Co-op Bank
  21. Bassein Catholic Co – operative Bank
Click to expand...

IMPS
 
I tried it out earlier today and as expected amount was credited in a matter of few seconds from ICICI --> SBI! :)
 
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