There are various modes of payment used by many individuals in India. Among all the modes of payments, businessmen prefer making payments through cheques. A cheque is a document that orders the bank to pay a specified amount of money from the issuer’s account to another individual’s or company’s account whose name is written on the cheque or for whom the cheque has been issued.
Online banking is at boom these days and everyone is using it whether it is Mobile Banking or Net Banking. These methods of banking have made it convenient for individuals to transfer funds from their bank accounts in a few clicks or touch. You can make the Immediate Payment Service transactions instantly using the MMID. But do you know the MMID Full-Form used during IMPS?
Earlier people used to visits banks to make a money transfer but now with the advancement in the payment system, everyone can transfer money digitally. On the other hand, some people prefer the IMPS mode to transfer funds from their savings account to another account. But are you aware of the IMPS charges that incur whenever you make a fund transfer?
The payment system of India is improving day by day because earlier we used to visit a bank’s branch to transfer money from one account to another but now we can do the same from our mobile phones or laptop. This can only be possible through NEFT, IMPS, and RTGS payment systems. We are going to discuss the IMPS system how it is used to transfer money.