You may be wondering: “Is IMPS transfer safe?” Fortunately, the answer to that question is “yes!” It’s completely safe, and it offers faster transactions than NEFT. Using IMPS, you can send money from one bank account to another in less than 24 hours. And, IMPS can be used with conventional banking accounts and mobile banking services, as well. Getting started with IMPS is as simple as following these steps.
To initiate a transaction, you must be sure the person you’re transferring to has an IMPS-enabled mobile phone. IMPS uses a 7-digit number known as the MMID. If the recipient doesn’t have a mobile phone, he or she must register it with the bank that will be receiving the funds. The beneficiary’s account number and IFSC code must be correct. If these details are wrong, the transaction will fail. Also, it’s a good idea to delete your mobile banking application before switching handsets or changing MPINs.
IMPS transactions are very secure, and can be made through any Internet banking or mobile banking platform. You’ll need to add a beneficiary to IMPS funds, and you’ll receive an OTP to confirm. Then, select IMPS beneficiaries under the “fund transfer” option in the Internet Banking app. Once you’ve selected your beneficiary, the beneficiary’s account details will be displayed. Confirmation of the transaction will send the money to the receiver’s account.
Unlike NEFT, IMPS transfers money instantly. Compared to NEFT, a NEFT transaction with SBI takes around half an hour to complete. Unlike NEFT, IMPS transfers are safe, secure, and fast. There is no minimum amount to transfer and the transaction is processed 24 hours a day. Unlike NEFT, IMPS is available for interbank payments as well as intra-bank transfers.
IMPS is a paperless, real-time electronic fund transfer service. It doesn’t require a bank account number, and you can transfer funds using your mobile phone. Moreover, IMPS is available 24 hours a day, 365 days a year, and is easy to use. Its main advantage is that it’s safe and easy to use. When using IMPS, you can send and receive funds from virtually any bank account in India.
When it comes to payment methods, it’s best to learn about them before you use them. The governing body of a country changes major payment methods frequently, so staying informed about those changes is crucial. For aspiring entrepreneurs, staying updated on the latest developments is a must. You can decide which transaction methods work best for your business by studying the features of each payment method. This way, you’ll know what to expect from your transaction.