IMPS stands for Immediate (Mobile) Payment Service. It was started in 2010. You can use it to make payments through your mobile number or Aadhaar card number linked to your bank account. In order to use IMPS, you have to register for mobile banking. Once registered, you can send money in real time. Unlike NEFT and RTGS, this service is available 24/7 throughout the year, including on bank holidays.

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What is IMPS? - Commerce

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What is IMPS?

What are IMPS?

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IMPS stands for Immediate (Mobile) Payment Service. It was started in 2010. You can use it to make payments through your mobile number or Aadhaar card number linked to your bank account.
In order to use IMPS, you have to register for mobile banking. Once registered, you can send money in real time.
Unlike NEFT and RTGS, this service is available 24/7 throughout the year, including on bank holidays.

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Chapter 14: Banking - EXERCISES [Page 256]