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IMPS stands for “Immediate Payment Service.” Immediate Payment Service (IMPS) is an electronic funds transfer system that allows users to transfer money instantly from one bank account to another, regardless of whether the recipient’s bank is a participating bank in the IMPS network. IMPS is available 24/7, and it allows users to transfer funds using their mobile phone, internet banking, or through an ATM. IMPS is operated by the National Payments Corporation of India (NPCI), and it is available to users in India and a number of other countries. IMPS is a convenient and secure way for users to transfer money to other bank accounts, and it is often used for a variety of purposes, including paying bills, making purchases, and transferring money to friends and family.

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