Free Essay

Customer’s Faqs on Imps

In: Business and Management

Submitted By mannu
Words 356
Pages 2
1. What is IMPS?

Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and remitting funds.

2. Does the customer need to have a bank account for availing IMPS?

Yes, the customer needs to have a bank account with the bank which has enabled this facility.

3. Does the customer need to register to remit the funds through IMPS?

Yes. Customer should enroll for Mobile Banking Service with the bank where customer has an account. The registration process shall be as per their bank’s laid down procedures.

4. Is the beneficiary customer also required to register for IMPS?

The beneficiary customer should have their mobile numbers registered with the banks maintaining their accounts. He should also have a valid MMID provided by the bank. .

5. What beneficiary details does the customer need to affect an IMPS remittance?

The beneficiary details required are:
a. Beneficiary’s mobile number

b. MMID of the beneficiary customer

6. What is MMID?

Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer.

7. How can a customer generate/retrieve his/her MMID using SMS mode?

The customer has to send MMID as SMS to 5607040:

8. Can a customer link more than one account to the same mobile number?

Yes. The customer can link the same mobile number to more than one account.

9. What is the Process flow of IMPS?

Step 1: Remitter and beneficiary both have to register themselves with their respective banks for availing the facility. The customer remitting funds will enter details of beneficiary mobile number, mobile money identifier and amount. These instructions can be send from his/her mobile through his/her bank provided application or SMS.

Step 2: Remitting bank validates the details of the remitter and debits his/ her account. This transaction is sent by the remitting bank to NPCI.

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