Objectives of IMPS (Immediate Payment Service) are:

(A) To enable bank customers to use mobile instruments as a channel for accessing their bank accounts and remit funds 24 × 7.

(B) Making payments simpler just with the mobile number of the beneficiary.

(C) To build the foundation for a full range of mobile-based banking services.

(D) To create competition with NEFT and RTGS.

Choose the most appropriate answer from the options given below:

Correct option is A

IMPS was introduced by NPCI to facilitate instant fund transfers using mobile numbers and ensure 24×7 banking services. It complements NEFT and RTGS but does not compete with them.
Information Booster:
1. Launched by NPCI in 2010 for real-time payments.
2. 24×7 availability, even on holidays.
3. Uses mobile number and MMID or account number and IFSC for transactions.
4. Supports P2P (Person-to-Person) and P2M (Person-to-Merchant) transfers.
5. Integration with UPI, mobile banking, and digital wallets.
Additional Knowledge:
· NEFT processes transactions in batches.
· RTGS is meant for high-value transactions.
· IMPS enables instant, low-value fund transfers.