Posted On Friday, Mar 15, 2013
If you are tech savvy, your fingers are tempted to type your Facebook or Whatsapp status using your mobile phone, you have a routine of searching for new applications in your phone to keep yourself fit, updated or to even manage your business, then there is good news for you. Now, you can electronically transfer funds from your bank account to another account with the help of your mobile phone. With the advent of this facility you can transfer funds from your bank account within a few minutes just like the time you take to type your Facebook or Whatsapp status through your mobile phone.
It is like Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) but the difference here is that it is done through the mobile. As of now, interbank funds transfer electronically is done through NEFT and RTGS. The issue with NEFT is the time lag in the transfer as this is not a real time service and transactions are settled in batches and the RTGS system is primarily meant for large value transactions in which the minimum amount to be remitted is INR 2 lakh.
So, the need for a real time and affordable fund transfer system to benefit the common man across the country and help country’s financial system was felt. Hence, that led to the introduction of the Interbank Mobile Payment Service or IMPS.
Interbank Mobile Payment Service (IMPS) allows customers to use their mobile phones as a channel for accessing their bank accounts and enables an instant 24X7 interbank electronic fund transfers in a secured manner with immediate confirmation features. This facility is provided by the National Payments Corporation of India (NPCI) (set up by Reserve Bank of India), an organization for all retail payment systems in India.
Procedure to transfer money through IMPS in India
|Register mobile number with respective bank.
|Generate MMID. MMID (Mobile Money Identifier) is 7-digit number, to be issued by the Bank to the customer upon registration
|Get M-PIN. M-PIN is Mobile Banking PIN – secret password – to be used by customer during transaction for authentication and security
|You can use SMS facility as provided by the Bank to transfer fund or for some banks you may have to download mobile banking application for better security in case your transfer amount goes above their threshold limit.
|Initiate IMPS transaction using Bank mobile banking application or SMS facility provided by Bank
|Customer needs to enter beneficiary mobile number, beneficiary MMID, Amount and M-PIN for initiating transaction. Customer shall receive confirmation SMS for the transaction initiated.
Benefits of IMPS:
|Instant credit to the receivers account
|No need to share account details to complete a transfer
|Comparatively easier for a beneficiary to communicate his mobile number than his account and branch codes.
|Simple and easy to use
Quantum Mutual Fund also gives you the facility to purchase its units via IMPS. All you have to do is just log onto the Invest Online section of our website QuantumMF.com and select the mode of payment as IMPS after filing up the application form. After that you will be directed to the bill desk payment gateway wherein you will have to enter your mobile number registered with the bank, your MMID number and M-Pin issued by your bank. After you enter all your details, you will be able to purchase units of Quantum Mutual Fund through IMPS. After the transaction, you will get a confirmation SMS on your registered mobile number which informs you of the debit in your account.
So, try this new and innovative way to purchase units under Quantum Mutual Fund which gives you the freedom to transact through your mobile phone and makes investment more convenient to you.
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