Immediate Payment Service Explained: Meaning, Types, Process, and Use Cases
Immediate Payment Service, commonly known as IMPS, is one of India’s core instant bank transfer systems. It allows money to move between participating bank accounts in real time, typically within seconds, and it is available round the clock. For students, professionals, businesses, and investors, IMPS matters because it combines speed, banking infrastructure, digital convenience, and payment-system regulation in one practical concept.