IMPS ( Immediate Payment Service )

 IMPS ( Immediate Payment Service )

IMPS full form is Immediate Payment Service. IMPS is real time application that is available 24/7. IMPS is proposed by NPCI ( National Payments Corporation of India ) and publicly made available by 22 November 2010.

It include both financial and non-financial transaction. Based on financial and non-financial there are different transaction type. Now we will explore the transaction type.

IMPS Transaction type :-

P2A ( Person-to-Account ) :- Remitter can initiate transaction with details of beneficiary account number and IFSC. It have two sub type.

a. P2A Intra transaction- Here Remitter and beneficiary both belongs to same Bank.

b. P2A Outward transaction - Here Remitter belong to one bank and beneficiary to some other bank. 

eg. Remitter is ICICI and beneficiary is SBI.

P2P ( Person-to-Person ) :-Remitter can initiate transaction with details of beneficiary mobile number and MMID. It have two sub type.

a. P2P Intra transaction- Here Remitter and beneficiary both belongs to same Bank.

b. P2P Outward transaction - Here Remitter belong to one bank and beneficiary to some other bank. 

eg. Remitter is ICICI and beneficiary is SBI