Thread by @anshgupta64

To pay through IMPS, you had to add beneficiary, account number, IFSC etc.

But not anymore!

Now you can easily send money through IMPS by just entering the mobile number and bank name.

A short thread on the new IMPS rule (🧵)

Earlier you could send money direct to a bank account my adding account number, bank name and IFSC through IMPS.

You could also send money to a person by adding your and receiver's MMID (unique code called mobile money identifier issued by the bank)

This person-to-person payment option was not popular because the users did not know about the MMID code.

Now, with the new rule, the payment can be done without MMID code, account number, IFSC etc.

Now you simply need to add the mobile number and bank name to make payment through IMPS.

While UPI has a transaction limit of ₹ 1 lakh per day, IMPS has a limit of ₹5 lakhs.

So the retail users can now use IMPS more often for larger transactions!

Here is a thread to understand the transfer systems in India!

With such innovations in UPI and IMPS, payments will become much easier in the future!

https://twitter.com/anshgupta64/status/1571346094046720000

Source- The Economic Times.