Immediate Payment Service

Immediate Payment Service (IMPS) is an instant

Immediate Payment Service
payment inter-bank electronic funds transfer system in
India. IMPS offers an inter-bank electronic fund
transfer service through mobile phones. The service is
available 24/7 throughout the year including bank Operating India
holidays. National Electronic Funds Transfer (NEFT) area
was also made available 24/7 from December 2019.[1]
Founded 22 November 2010
Real-time gross settlement (RTGS) was also made
available 24/7 from 14 December 2020.[2] Owner National Payments Corporation of
India
Unified Payments Interface is built on top of IMPS, Website www.npci.org.in/what-we-do/imps
with the key architectural work done by the Mobile /product-overview (https://www.np
Payments Forum of India, IIT Madras and Institute for ci.org.in/what-we-do/imps/product-
Development and Research in Banking Technology overview)
(IDRBT).[3][4][5][6]

History
Immediate Payment Service is managed by the National Payments Corporation of India (NPCI) and is
built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot
for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of
India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later that year.
IMPS was publicly launched on 22 November 2010. As of April 2023, there are 722 member banks
which signed up for the IMPS service.[7]

Around 200 million IMPS transactions amounting to roughly US$20 billion of transaction amount
happen every month in India.[8]
 IPMS Statistics [1] (https://www.npci.org.in/what-we-do/imps/product
-statistics)
Year Member banks INR value (in mn) USD value (in bn)

2024* 909 7070902.52 818.87

2023 827 61908887.5 744.01

2022 684 49346951.5 608.02

2021 663 29324894.9 384.28

2020 620 26838329.3 363.76

2019 559 21819802.3 307.98

2018 394 13926164.8 188.21

2017 303 7660254.3 117.96

2016 190 3114447.1 46.11

2015 124 1328077.9 19.89

2014 73 390365.9 6.41

2013 59 33363.4 0.54

Interoperability
On March 4, 2024, the Reserve Bank of India (RBI) declared its intention to introduce an interoperable
payment system for online banking transactions. The implementation of such an interoperable system has
been approved for NPCI Bharat BillPay Limited (NBBL), and it would be introduced in 2024, according
to RBI Governor Shaktikanta Das.[9][10] It was included in the Payments Vision 2025 document, which
was published in June 2022 by the Reserve Bank of India's Department of Payment and Settlement
Systems.[11]

After RBI approved the project in March 2024, NBBL, banks, and fintech companies are negotiating to
adopt internet banking or net-banking interoperability. The three biggest players in the net-banking
industry, HDFC Bank, State Bank of India, and ICICI Bank, are now negotiating to join the initiative. It
will allow for data visibility, appropriate consumer grievance procedures, standardization of merchant
settlement cycles, and will expand the payment market potential due to increased merchant integration
and competition from payment aggregators. The primary use cases of net-banking include payments to
vendors, insurance premiums, mutual funds, and income taxes. Currently, each bank must collaborate
with a different payment aggregator in order to allow consumers to conduct net-banking transactions.
Interoperability makes it possible for any aggregator to let a bank's customers pay online via net-
banking.[12][13]

In order for net-banking and mobile banking payments to be interoperable, NPCI has started the
integration process for five to six banks. In the last quarter of 2024 or the first quarter of 2025, the system
will be put online. The integration between HDFC Bank and ICICI Bank is already well progressed.
Customers can opt to use net-banking to pay online when they check out of e-commerce sites because
banks won't need to partner with payment aggregators to onboard merchants for net-banking payments
because all banks would be accepted by merchant sites. The interoperability process is being spearheaded
by Bharat Connect.[14]
See also
India portal

Banks portal

Money portal

Payment and settlement systems in India

National Electronic Fund Transfer
Real Time Gross Settlement
Unified Payments Interface

References
1. Livemint (8 December 2019). "NEFT money transfer facility to be available 24×7 soon: 5
things to know" (https://www.livemint.com/money/personal-finance/neft-money-transfer-facili
ty-to-be-available-24-7-soon-5-things-to-know-11575714494558.html). Livemint. Retrieved
16 April 2020.
2. "RTGS is now available 24x7: Here are its advantages" (https://economictimes.indiatimes.co
m/wealth/save/rtgs-is-now-available-24x7-here-are-its-advantages/articleshow/79694136.c
ms?from=mdr). The Economic Times. Retrieved 29 December 2020.
3. "Mobile Payment Forum to come out with user-friendly features" (https://www.livemint.com/I
ndustry/Zncj7qme3j2sogXLAptAOO/Mobile-Payments-Forum-to-come-out-with-userfriendly-
feature.html). mint. 29 October 2017. Retrieved 3 December 2024.
4. UPI: Product Booklet (https://www.npci.org.in/PDF/npci/upi/Product-Booklet.pdf) (PDF)
(Report). NPCI.
5. Das, Neelanjit (4 June 2022). "What Makes India's Unified Payments Interface (UPI) A
Global Test Case?" (https://www.outlookmoney.com/news/what-makes-india-s-unified-paym
ents-interface-upi-bhim-googlepay-phonepe-a-global-test-case--news-200253). Outlook
Money. Retrieved 3 December 2024.
6. VK, Anirudh (3 July 2019). "Multilingual Support Will Help Increase Adoption Of Mobile
Payments In India, Says Gaurav Raina Of MPFI" (https://analyticsindiamag.com/multilingual
-support-will-help-increase-adoption-of-mobile-payments-in-india-says-gaurav-raina-of-mpf
i/). Analytics India Magazine. Retrieved 10 April 2023.
7. "ProdIMPS Volumes | NPCI - National Payments Corporation of Indiauct Statistics" (https://
www.npci.org.in/what-we-do/imps/product-statistics). www.npci.org.in. Retrieved 10 April
2023.
8. "IMPS Volumes" (https://www.npci.org.in/imps-volumes). www.npci.org.in. Retrieved
5 October 2019.
9. "Address by Governor, Reserve Bank of India at the Digital Payments Awareness Week
celebrations, March 4, 2024, RBI, Mumbai" (https://www.rbi.org.in/Scripts/BS_SpeechesVie
w.aspx?Id=1422). Reserve Bank of India. 4 March 2024. Retrieved 3 December 2024.
10. Parasnis, Sharveya (5 March 2024). "RBI to Launch Interoperable Payment System For Net
Banking" (https://www.medianama.com/2024/03/223-interoperable-payment-system-net-ban
king-rbi/). MEDIANAMA. Retrieved 3 December 2024.
11. "Payments Vision 2025" (https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/PAYMENTS
VISION2025844D11300C884DC4ACB8E56B7348F4D4.PDF) (PDF). Reserve Bank of
India. June 2022. Retrieved 3 December 2024.
12. Bhakta, Pratik (25 March 2024). "NPCI arm, banks and fintechs in talks for net banking
synergies" (https://economictimes.indiatimes.com/tech/technology/npci-arm-banks-and-finte
chs-in-talks-for-net-banking-synergies/articleshow/108754756.cms?from=mdr). The
Economic Times. ISSN 0013-0389 (https://search.worldcat.org/issn/0013-0389). Retrieved
3 December 2024.
13. Kumar, Abhijeet (27 March 2024). "NBBL to begin work on net banking interoperability from
April: Report" (https://www.business-standard.com/finance/news/nbbl-to-begin-work-on-net-
banking-interoperability-from-april-report-124032700240_1.html). Business Standard.
Retrieved 3 December 2024.
14. Bhakta, Pratik (28 November 2024). "Interoperability in net banking payments soon" (https://
economictimes.indiatimes.com/tech/technology/interoperability-in-netbanking-payments-soo
n-icici-and-hdfc-bank-in-advanced-stages-of-integration/articleshow/115741276.cms?from=
mdr). The Economic Times. ISSN 0013-0389 (https://search.worldcat.org/issn/0013-0389).
Retrieved 3 December 2024.

External links
Official website (https://www.npci.org.in/what-we-do/imps/product-overview)

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