IMPS (Immediate Payment Service)

byPaytm Editorial TeamLast Updated: November 14, 2025

Definition

IMPS stands for Immediate Payment Service. It is a real-time electronic funds transfer system that allows instant money transfer between bank accounts, available 24×7.

Features

You can send or receive money instantly using a mobile number, account number, or IFSC code.

Example

If you transfer ₹5,000 using IMPS, the amount is credited instantly to the receiver’s account.

You May Also Like

Recurring e-MandateLast Updated: August 19, 2025

Full Form & Meaning An e-Mandate (Electronic Mandate) is an online standing instruction set up by customers to…

KYC NormsLast Updated: December 29, 2025

Meaning & Definition KYC norms are rules that require financial institutions to verify customer identity before providing services.…

Housing for AllLast Updated: January 29, 2026

Meaning Definition “Housing for All” is a national vision aiming to ensure every eligible citizen has access to…

Flexi Fixed DepositLast Updated: October 21, 2025

Meaning Flexi Fixed Deposit is a hybrid account combining a savings account and fixed deposit, allowing automatic fund…

KYC Registration Agency (KRA)Last Updated: December 29, 2025

Meaning & Definition A KYC Registration Agency collects, verifies, and stores KYC information of investors in a central…

mPINLast Updated: August 12, 2025

Full Form & Definition mPIN stands for Mobile Personal Identification Number. It is a 4–6 digit code used…