The full form of IMPS is Immediate Payment Service. As the IMPS full form suggests, it is the fastest and anytime available money transfer service in the Indian banking system. It transfers funds instantly into the beneficiary’s bank account and is available 24/7, 365 days. Immediate Payment Service (IMPS) offers an inter-bank electronic fund transfer service through mobile phones. It is built on the National Financial Switch (NFS), managed by NPCI (National Payments Corporation of India), and approved by the Reserve Bank of India (RBI).
Most people often confuse it with other modes of fund transfer like NEFT and RTGS and do not know the full form of IMPS or its features. But it is completely different from the other two. It is an inter-bank electronic fund transfer system that uses mobile phones as a platform for the transfer process. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.