Online payment platform, Paytm.com has announced the adoption of Immediate Mobile Payments Service, IMPS for Merchant Payments. IMPS (Immediate Mobile Payment Service) is an instant, 24×7, electronic fund transfer service through mobile phones.
This new and easy payment option started by banks allows users to send money to another bank account or merchant using their mobile number. To make payments using IMPS, users will need an MMID, which is issued by the bank.
To use IMPS, users simply have to click on the IMPS tab on the site or mobile site, enter their MMID or the Mobile Money ID number, their mobile number and the One Time Password given to them by their bank. MMID can be obtained by applying to the bank. OTP is also given by the bank through various easy means of communication. Using IMPS, users can make payments for all services on Paytm – recharges, bill payments and tickets.
Currently, 57 banks are live with IMPS for their consumers, while 23 out of these are supporting it for merchant payments already. The IMPS service is currently enabled for the Paytm website and mobile site. The mobile apps will soon have this feature enabled too.