PayTM, Delhi NCR based largest mobile commerce player enabled IMPS transfer service. With this PayTM users can transfer money from PayTM mobile wallet to any of the bank account in India. PayTM also announced plans to open about 50,000 retail outlets where over 25 million Paytm users will be able to load cash in their mobile wallets.
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.