What is IMPS Payment System?

IMPS (Immediate Payment Service) is a real-time inter-bank electronic fund transfer service in India that allows customers to transfer money instantly between bank accounts. It was launched by the National Payments Corporation of India (NPCI) in 2010 and is built on the existing interbank mobile payment system (IMPS). The service is available 24/7 and can be accessed through various channels such as mobile phones, internet banking, and ATMs. The transactions are authenticated using a Mobile Personal Identification Number (MPIN) which is provided to the customer by their bank. The service is considered to be safe and secure as it requires both the sender and the receiver to authenticate the transaction using a one-time password (OTP) or MPIN. IMPS is considered to be one of the most convenient ways to transfer money in India as it allows instant transfer of funds between accounts, and it doesn't require account details to be shared during transactions.