IMPS has not only changed consumer behaviour and expectations but has also paved the way for newer forms of instant payment systems to operate in India.
One of the features of RTGS that make it particularly relevant for modern consumers is that the transactions can be initiated through net-banking.
Both RTGS and NEFT have their strengths. Let’s understand these strengths and decide which mode to use and most importantly, when.
Consumers can use IMPS without needing a smartphone, which adds to its financial inclusivity, making it a great payment option for the masses.
One of the most important IMPS features is that it offers real-time transfers of funds that occur on an electronic platform.
Immediate Payments System (IMPS) is now one of the most widely-used forms of electronic payments across India.