No need to add beneficiary and IFSC code for online money transfer from one bank to another
Users will now be able to transfer money via Immediate Payment Service (IMPS) by adding the receiver's mobile number and bank account name from February 1. The National Payments Corporation of India (NPCI) said there will be no need to add a beneficiary and the IFSC code.
“All the Members are hereby requested to take note of the same and comply for initiating and accepting fund transfer through Mobile number + Bank name on all IMPS channels by 31st January 2024," NPCI said in a circular. It also added that remitter banks are directed to maintain a mapping of Member Bank Names with default MMID and undertake necessary UI/UX enhancements.
Immediate Payment Service (IMPS) is a commonly used way to transfer money and it provides funds through various channels like Internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS.
At present the IMPS operates through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes.
For multiple accounts linked against the mobile number, the Beneficiary bank shall credit to the primary/default account which will be identified using the customer's consent. If customer consent is not provided, the bank shall decline the transaction.
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