- Using Mobile number & MMID (P2P)
- Using Account number & IFS Code (P2A)
- Using Aadhaar number (ABRS)
Using Mobile number & MMID (P2P)
IMPS offer an instant,24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile, internet and atms. It is a multichannel and multidimensional platform that make the payments possible within fraction of seconds with all the standards and integrity maintained for security required for even high worth transactions.
Sender & Receiver - Have to register for Mobile Banking & get a unique ID called "MMID"
- Generation of MMID is a One-time process.
- Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. & 7digit MMID of beneficiary.
MMID - Mobile Money Identifier (7 digit code)
Each MMID is linked to a unique Mobile Number. Different MMIDs can be linked to same Mobile Number
Using Account number & IFS Code (P2A)
Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to make funds transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary needs to register their mobile number with their respective bank account and get MMID, in order to send or receive funds using IMPS.
There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary mobile number is not registered with any bank account. In such cases, Remitter shall not be able to send money to the Beneficiary using Mobile Number & MMID.
Hence on the merit of the feedback received from the banking community as well as to cater the above mentioned need, the IMPS funds transfer has been made possible using Beneficiary account number and IFS code as well, in addition to Beneficiary mobile number and MMID.
IFS Code - 11 digit alphanumeric number, available in the users Cheque book.
Using Aadhaar number (ABRS)
In ABRS, a remitter can initiate IMPS transaction using the beneficiary's AADHAAR number, which acts as a financial address & which will be linked to the beneficiaries account number. ABRS facilitates in simplifying the IMPS payment initiation process as in this service the customer will have to input only AADHAAR number of the beneficiary for initiating an IMPS transaction. Another important utility of this service will be in disbursal of subsidy payment i.e. Electronic Benefit Transfer (EBT)/ Direct Benefit transfer (DBT) by the Government. ABRS will act as a catalyst in expanding financial Inclusion reach.
Query Service on Aadhaar Mapper (QSAM)
To facilitate the effective implementation of ABRS, a new feature is being added to the existing NUUP (USSD based platform on *99#) service. Under this new service, known as "Query Service on Aadhaar Mapper" the customer will be able to know : -
- Whether his/her AADHAAR number is seeded/linked to any bank account number or not?
- If yes, then with which bank and when was it last updated?
** KEY POINTS to Remember
For transactions initiated using Mobile, transactions will be authenticated using mobile number & MPIN.