Online Money transfer using immediate payment service facility can be done in the following way-
IMPS money transfer requires the remitter customer to make money transfer using receivers phone number and MMID. MMID is a 7 digit code issued by a participating bank to their Mobile Banking registered customers for availing IMPS service as a beneficiary. The remitter as well as the beneficiary must be registered with the respective bank and get MMID, in order to send receive funds using IMPS. If the remitter’s number is registered with the bank but beneficiary’s number is not registered with the bank account, remitter shall not be able to send money.
The IMPS funds transfer can be possible using Beneficiary account number and IFSC code as well. The fund transfer using IFSC code can be done in the following way-
[imps] [receiver’s account number] [IFSC code] [account type] [Amount] [SMS PIN/MPIN] [Remarks]
to Bank’s long code or short code number. On initiating transaction as above, customer receives the confirmation SMS with status of transaction instantly.