Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Things you need to know about Mobile Banking and IMPS Transfer

1 min read

With the trend of mobile banking and IMPS transfer, it has become easy for common man to transfer funds whenever they wish to, as per their convenience. These ease of banking services have eventually helped common man from every sphere of life.

IMPS or Immediate Payment service is an interbank electronic instant mobile money transfer service that can be done using the user’s mobile phone. IMPS service helps individual transfer funds immediately accessing his / her bank account. The beneficiary account is credited immediately as and when a fund transfer request is made through the customer’s mobile phone or internet banking.

IMPS Mobile Banking

 

There are immense benefits of IMPS transfer and Mobile banking. The first and foremost is, money can be transferred at any moment as per the ease of the user. For making this kind of transfer, one does not needs to get out from his place and stands in a long queue in banks, just a click from mobile phone and money transfer is done. The most important advantage of IMPS and mobile banking is, these services are available throughout the year including Sundays and any Bank Holiday too.

IMPS funds transfer facility has made available through iMobile, SMS Banking and Internet Banking. A seven digit MMID pin is required to transfer funds via IMPS. It is very easy to generate the MMID pin for funds transfer. All you need to do is to go to Mobile banking option on your phone, select bank account, then select the desired account, select Insta FT (IMPS), the click on MMID and you get your 7 digit MMID pin. As your details are authenticated, the money will be debited from your account. As soon as the money gets transferred form your account, you will get an SMS about the status. Each and every step of transferring money through IMPS is extremely user friendly.

One can transfer money using mobile number and MMID as well as account number and IFSC too. When it comes to receiving money, one needs to share his / her mobile number and MMID with the payer. Using IMPS, it is possible to check transactions too. There is an option to check history of the transaction details too.

With time, IMPS and Mobile banking are becoming the growing choice for money transfer as it benefits common man like never before. It saves a lot of time and has brought banking in the hands of common man. Convenience and user friendly methods are the keywords that take IMPS to a different level altogether if we talk about its advantages for common man.

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Airtel Payment Bank Offers 7.25% Interest on Deposits

Airtel Payment Bank - India's First Ever Payment Bank launched today across 29 states in India. Finance Minister Arun Jaitley, formally launched the bank....
Rajandran R
1 min read

3 Replies to “Things you need to know about Mobile Banking and…”

    1. For mobile banking yes GPRS/EDGE/3G is mandatory. Netbanking Mobile Application from your bank will do. I guess there are no transfer fees so far. However per day transaction limit is 50,000 per day via IMPS transfer.

  1. Sir,
    Following is the IMPS payment screen info by payment gateway. For a fund transfer the payee asks OTP for the Txn. But the (IOB) banking system issues only fund transfer PIN . What is the solution ?
    Thankx

    Payment Information ( Kindly enter the following details to authorise the transaction )

    Mobile Number * Please enter your 10 digit Mobile number

    MMID * Please enter your 7 digit MMID issue by your bank
    OTP *

    Please note:

    l IMPS is inter-bank mobile payment service that enables you to make payment through your bank account via mobile.

    l For a successful IMPS transaction, you will need to enter your mobile number registered with the bank, MMID issued by the Bank, and
    OTP issued by the bank

    l MMID (mobile money identifier) is 7-digit number issued by bank to customer upon mobile banking registration

    l OTP is one-time password issued by bank to customer for payment transaction. OTP is valid for one hour and for one transaction –
    success or failure. (The transaction amount will depend on the limits set by the Customer’s Bank.)

    l For details regarding mobile number registration, MMID, OTP generation, and banks enabled on IMPS, please click here

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More