IMPS is an RBI-approved real-time payment service that has broken the barriers of banking hours. It allows customers to make instant online fund transfers 24x7, even on weekends and holidays. The service is flexible, accessible and cost-effective, and can be initiated using any device, including internet banking, ATM, smartphone or basic mobile phones. What's unique about IMPS is that it has put India on the global map by making it one of the few countries to have such a facility. Even developed nations such as Australia, the UK and the US have only recently started refining their online funds transfer systems for a real-time settlement. However, India is already a strong contender in this area. Most banks have quickly implemented this service, and currently, 192 banks have joined this club. IMPS offers a secure transfer of funds using OTPs and MPINs, making it an ideal option for those who value security. In today's world, cash has taken on a fourth form virtual. Almost eve...
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