NPCI Immediate Payment Service(IMPS) transactions zoom to 10 crores per month by November 2016

#IMPS,

              51 Banks, 50 RRBs/DCBs/UCBs and 13 PPIs have opened their transaction channel on NPCI_IMPS Remittance service to encourage Indians to transfer their money at the ‘Speed of Light’.

              NPCI_IMPS remittance service works round the clock, all the 365 days a year, and never goes to sleep.

              During December 2015, Indians have moved INR15,910 crores through NPCI_IMPS digital channel via 2.42 crore transactions.

              During this calendar year, transactions are expected to cross 10 crores by November 2016.

              Unbelievable!! Check the above table

              11 indicators to zoom up volumes 14% month on month

01)   Consecutive banks holidays on 2^nd and 4^th Saturdays and all Sundays.

02)   Banks opening up NPCI_IMPS channel through bank branches mode.

03)   Increase in the threshold limit from INR2lacs to INR5lacs.

04)   Separate transaction advice for faster reconciliation both at sender and receiver end.

05)   Government Departments signing up to remit Government payments through NPCI_IMPS channel.

06)   Cross border remittance companies moving all their transactions to the NPCI_IMPS channel.

07)   168 Banks including Public/Private/RRB/DCB/UCB are on NEFT platform. This means the respective banks have an IFS Code to participate in Electronic Transactions Channel. This in turns means another 67 banks can join the NPCI_IMPS channel in the near future.

08)   Reserve Bank of India has authorised 40+ Prepaid Paid Instruments issuers. Out of this, only 13 have joined NPCI_IMPS. This means the remaining 27+ PPIs can join NPCI_IMPS channel in the near future.

09)   WLA players have set up over 11,000 ATMs all over India. These ATMs can be enabled for NPCI_IMPS transactions.

10)   Top 5 eCommerce companies shifting their refunds to NPCI_IMPS channel.

11)   Transport companies adopting NPCI_IMPS channels to transfer benefits to their associates.

What will you do to promote NPCI_IMPS?

NPCI_IMPS Twitter Page

NPCI_IMPS Facebook Page

The NPCI_IMPS FAQ page has all the details to assist in Safe IMPS transactions.

Zero 2 Hundred-NPCIs Instant Payment Service trajectory in India

          A major milestone in India’s eTransactions journey was crossed in July 2015 with the total number of banks at 100 on NPCIs IMPS channel.

          Yes, as on date 100 banks are part of this 100% ‘Made In India’, eTransactions mode.

          The benefits of IMPS are being enjoyed by a large populace spread across the nook and corner of our country.

          The chief advantage of IMPS is that transactions can happen around the clock, irrespective of holidays, with nil dependence on bank staff.

          The initial transactions will be a bit strange, as the funds move at the speed of light at any point of time.

          There are number of channels through which the bank customers can choose to transact through the IMPS mode.

          There are a number of products which can be tailored by Finance Industry participants to enhance the customer experience.

          The technology is robust enough to support extremely high volumes at all times.

          Banks and PPIs are constantly innovating to expand the user base.

          Only a fraction of the target populace has been touched by IMPS and in the coming years, IMPS will embrace new group of people into its fold.

         

Indusind Bank ventures into Safe eTransactions-IMPS Branch Channel

             Indusind Bank has become the first bank in our country to offer IMPS transactions through the Bank branch channel.

            IMPS which debuted four years bank was primarily designed for alternate channels mode i.e customers initiate the transactions on their own, without intervention by bank staff.

            As the main advantage of IMPS is 24*7, 365 days delivery, the volumes were going up. Till date, no Indian bank was offering IMPS through the bank branch channel.

            Now, Indusind Bank has started to offer this facility at its branches. Going ahead, other banks too will offer IMPS at their branch.

            The first mover’s advantage will surely go to Indusind Bank.

            Bank staff has to extra vigilant while keying the beneficiary details. IMPS is instant and the RECALL option is simply not feasible.

NPCI partners with Indusind Bank and Western Union for International funds transfer

                        Majority of Western Unions SEND customers to India reside in U.S., U.K., France, Germany and Australia.

 The major options for Western Union RECEIVE customers are a) across the counter at a Western Union Agent Location or b) Bank account credit.

For Bank account credit, Western Union piggybacked on the NEFT platform. However, NEFT has its own limitations as compared to IMPS.

Way back in September 2013, Western Union innovation team closely looked at NPCIs’ Immediate Payment Service (IMPS) to enhance its customer’s experience.

Due to the time difference between India and other countries there was a lag between the SEND time and the RECEIPT time, even when the RECEIVE option was a Bank Account.

NPCI’s IMPS with its feature of instant money transfer was a very attractive proposition. Reserve Bank of India recently approved IMPS to facilitate cross-border money transfer within minutes to select banks.

This led to Western Union to offer funds transfer through NPCIs’ IMPS to its SEND customers. The service has been launched in collaboration with IndusInd Bank.

The process flow is as under

01) The SENDER opts to transfer through cash and debit cards at participating Agent locations, or debit and credit cards at www.westernunion.com.com at this time.

02)The funds move to the Western Union settlement account at Indusind Bank.

03)Finally through NPCIs IMPS channel the RECEIVER the funds in his/her bank account.

Benefits of this Channel:-

01) 24*7 service

02)Facility available on Holidays too

03)Quick reversal of funds in case of invalid account number or any other reasons if credit is not possible

Link 1, Link 2

Boom time for NPCIs’-IMPS – 02 Oct 2014 & 03 Oct 14 NEFT/RTGS closed

          

  The IMPS (Instant Payment Service) funds transfer service works 24*7,365days a year, with no respect to holidays.

            The end-to-end transaction is fully automated, with minimal human intervention required.

            Customers of 67 banks in India can transfer instantly any time of day or night through the IMPS mode

            In addition to the 67 banks, 3 cooperative banks are on IMPS network

            The conventional electronic transfer channels i.e NEFT/RTGS/Clearing Grid are closed on 02 Oct 2014 & 03 Oct 14. Physical bank branches thought India are closed.

            Net banking will function, however as NEFT/RTGS are closed, the funds transfer through this mode will not work.

            The only electronic funds transfer which will work on 02 Oct 2014 & 03 Oct 14 is IMPS. Nothing more, Nothing less.  

            Be 100% sure of the beneficiaries’ bank account number, IFS Code before initiating the IMPS transaction. There is a very remote chance of funds callback

Indusind live on IMPS-ATM sub product

            Indusind Bank has tapped one more eTransactions opportunity, to increase the footfalls at its ATMs.

            It has gone live on (Immediate Payment Service) IMPS-ATM sub product. This means Indusind Bank customers can access the IMPS facility through the bank’s ATMs.  

            Once Indusind bank starts advertising the same, across various media channels, the transactions volumes will increase.

            One recent product which Indusind Bank has launched is the ‘Super Savers Pack’, for its saving bank customers.