IMPS is also known as IMmediate Payment Service, and it was founded in November 22, 2010. Do you wonder which crypto exchanges allow the indian deposit method IMPS to buy Bitcoin, Ethereum or other cryptocurrencies? Then you came to the right site!
This payment method has proven to be one of the most convenient and common for people living in India. Very few crypto sites in India were available to provide money transfers during working hours before IMPS. Now you can transfer funds through your phone using the new Immediate Payment Service, that is accessible through different channels such as ATM, SMS, Internet, and mobile. The IMPS app allows you to deposit funds in real-time without any hustles.
If you are Indian and planning to buy any cryptocurrency, you should consider signing up for IMPS in order to do quick, secure and smooth deposits. Below is a top list of all the best options for this funding option.
Top 5 sites for buying, selling and trading crypto with IMPS
This is the toplist with the best sites to buy, sell or trade cryptocurrencies through IMPS. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button. We generally recommend using an exchange or platform with good track record, great reputation and positive feedback from its customers. The better option for you as customer, the better ranking we give them.
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- 1 Top 5 sites for buying, selling and trading crypto with IMPS
Above are the best crypto exchanges, platforms and brokers offering funding with IMS.
Immediate Payment Service is a popular Indian service offered to banks to ensure real-time money transfers between banks. One can use the system any time of the day, including holidays and weekends. IMPS offers an easy deposit method and supports RBI’s objective to provide electronic payment. Indians are starting to use it more and more and Crypto Lists expects IMPS to be one of the top 3 biggest deposits methods in India before 2025.
Advantages of IMPS
+IMPS credits the beneficiary’s account with funds within a few seconds.
+IMPS offers a secure and cost-effective channel for money transfer.
+It has no limit on the amount of money to transact.
+IMPS is available 24 hours every day.
+Immediate Payment Service is accessible through the mobile phone, internet, and ATM.
Disadvantages of IMPS
-Different banks have varying transaction limits.
-To conduct any IMPS transfer, one must have enough funds in their account, including transaction fees.
-One cannot cancel IMPS transactions once initiated.
What is IMPS?
IMPS, also known as Imediate Payment Service, is a system that allows people to make payments using their mobile phones. It was introduced in 2010 as a program by NPCI, and only four banks in India offered the service. The banks included:
+State Bank of India
+Bank of India
+Union Bank of India
The deposits made reflect in the beneficiary’s account within a few seconds. Users do not need to enter the beneficiary’s account number. One needs to input the beneficiary’s mobile or Aadhaar number, which is connected to the account.
The participants in an IMPS system include the following:
+National Financial Switch.
All IMPS transactions have a certain fee associated with them. The fee charged depends on the amount of money transacted. The goods and service tax applies, constituting 18% of the transaction cost. Below is an outline of the transaction charges and the limits:
-Rs.10,000 and below – Rs.2.5
-Rs.10,001-Rs. 1 lakh – Rs.5
-Rs.1 lakh- Rs. 2 lakh – Rs.15
The transaction costs also vary depending on the individual bank. The transaction limit for IMPS is Rs.2 lakh. However, financial institutions have varying upper limits for IMPS transactions. Some banks put limits on the first few transactions after adding a new beneficiary before increasing the limit. Therefore, checking with your bank before conducting any transaction is important.
Transaction Speed for IMPS
Funds transfer using IMPS is real-time. The money reflects n the beneficiary’s account within a few seconds. However, the money may fail to reflect within the specified period. If it happens, wait for a few minutes and check whether the money reflects on the receiver’s account before initiating another transfer. In case of an unsuccessful transaction, the money will be credited back to your account after a few hours.
Immediate Payment Service has the fastest transaction speeds compared to NEFT and RTGS, making it the most preferred deposit method. However, technological issues may affect the transaction speeds.
Funding an account from a different bank is now easy. One needs to follow the following steps:
1. Log in t the mobile/internet banking account
2. Click on the fund transfer option on the home page
3. Choose IMPS as the method of fund transfer
4. Enter the receiver’s MMID and your MPIN to continue
5. Enter the amount of money you want to transfer
6. Click confirm
7. The system may prompt you to provide you to enter a one-time password sent to the registered mobile number.
8. Enter the OTP and complete the transaction
The beneficiary and the sender will receive a notification once the transaction is successful. Note that you will only provide the beneficiary’s MMID when using the mobile banking option. You must provide the receiver’s bank account to complete the transaction when using internet banking. Therefore, you need to add the beneficiary before initiating the transfer.
Which are the main Countries where IMPS is Used
India is the main country where people use this system for money transfers. Immediate payment service received a five-plus rating making it the leading platform in real-time payment channels. It scored the highest in the Faster Payments Innovation Index.
Can you Withdraw Using IMPS?
No. IMPS is only used for deposit purposes. If you wish to withdraw, you can take out the money through crypto or other methods such as bank transfer to your main bank account.
Reputation of IMPS
Before the invention of IMPS, NEFT and RTGS were the main deposit methods for Indian citizens. Immediate payment service received a five-star rating making it the leading real-time payment system globally. The system beats all other payment services in countries such as the United States, China, Japan, and the United Kingdom.
IMPS Frequently Asked Questions
Below are some of the most frequently asked questions about Immediate payment service (IMPS).
Is it safe to use IMPS when buying cryptocurrencies?
Immediate payment service is an ideal Indian crypto deposit method. Users can use Immediate Payment Service to purchase cryptocurrencies. The only risk you may face is clicking on untrustworthy sources instead of official crypto markets listed on cryptolist.com. It is also important to check on crypto sites that accept IMPS.
How do I Set up IMPS?
Setting up Immediate payment service does not require any documentation. However, one can only use the service by providing the following details:
-Aadhaar Card Number.
-IFSC and Account number.
-Mobile number and MMID code.
Is IMPS Instant?
Yes. Funding using IMPS is instant. Beneficiaries will receive the money within a few minutes.
When was IMPS founded?
Immediate payment service was founded on November 22, 2010, by Smt. Shyamala Gopinath, who was the Director General at RBI.
Where is the mother company based?
IMPS’ mother company is based in Mumbai, India
Does IMPS only work on Apple Devices?
No. one can use Immediate payment service on any phone.
Can one link multiple accounts to the same mobile number?
Yes. You can link more than one account to one mobile number. However, the different mobile accounts will have varying MMIDs.
Can I stop payment after initiating
No. Immediate payment service is an immediate transfer service. Once you initiate the payment request, you cannot stop or cancel it.