About IMPS :
IMPS (Immediate Payment Service) is a real-time interbank electronic fund transfer service. Launched by the National Payments Corporation of India (NPCI), it enables instant money transfer between bank accounts through various channels such as mobile phones, internet banking, ATMs, branches, and SMS. IMPS operates 24/7, allowing users to initiate transactions anytime, anywhere. It has gained popularity for its speed, convenience, and reliability, facilitating quick and secure fund transfers within the country.
Key Features of IMPS:
Real-time transfers: Funds are transferred instantly between bank accounts.
24/7 availability: IMPS operates round the clock, allowing transactions to be initiated at any time.
Interbank transfers: Users can send money between accounts in different banks seamlessly.
Multiple channels: Transactions can be conducted through various channels such as mobile, internet banking, ATM, branch, and SMS.
Secure: IMPS transactions are highly secure, ensuring the safety of funds during transfer.
Cost-effective: IMPS offers economical transfer options compared to traditional methods.
Convenience: The service provides easy accessibility and user-friendly interfaces for conducting transactions swiftly.
How to Transfer Funds Through IMPS with MBank App :
Open your mobile banking app or access your internet banking account
On the main page, look for the option called ‘Fund Transfer’ and tap/click on it
Choose ‘IMPS’ as the method to transfer funds
Enter the beneficiary’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number)
Enter the amount you want to transfer
Double-check the details and tap/click on ‘Confirm’ to proceed
In some cases, you may receive an OTP (One-Time Password) on your registered mobile number to authenticate the transaction
Enter the OTP you received and follow the prompts to complete the transaction successfully