What is IMPS?
The Immediate Payment Service (IMPS) is one of the most genuine and steadfast modes of money transfer method currently operating in India. A user can use IMPS services to transfer funds from one bank to the other through an Indian banking system.
The sole objective of a payment option method like IMPS is to make the tedious process of making money transfers short, quick and effortless. If you, like many others, think that IMPS is anything like RTGS or NEFT, then you are mistaken.
This is because IMPS is based on a framework that functions as an inter-bank electronic fund transfer. And users can make use of their phone numbers to make such transactions.
The major reason for IMPS being a lot different from NEFT and RTGS is that users can have access to its services 24/7, even on the weekends.
This is what makes IMPS betting sites perfect for Indian punters. No matter when you are playing, you will always have secure money transactions.
How Does IMPS Work?
IMPS can be used to transfer money in real-time. You can avail all of its features and services 365 days a year, and even during the bank holidays!
Generally used for making transactions 24/7 through mobile phones, it is also compatible with laptops, tablets and computers. IMPS functions through a VPA, which is a Virtual Payment Address. The VPA is responsible for transacting funds directly from your bank account.
In order to avail IMPS services, you require a unique 7 digit number known as the MMID, Mobile Money Identifier. After you have created this unique 7 digit code for yourself, you can then proceed to make transactions. You will need to have the mobile app version of your connected bank in order to benefit from the services provided by IMPS.
IMPS allows you to make transactions as high as ₹2, 00,000. There is no set minimum value for transactions made on IMPS.
Users get to pick two options for sending money to the recipient. They can either put in the phone number to send the money, or use the bank information details instead. Either way, proper transfer of money will follow.
However, when providing baking details, the chances of making errors are a lot more considering you have to put complex numbers like the IFS Code and the account number of the recipient. In order to eliminate such risks, users generally prefer sending money through the 10 digit phone number.
Not only is this way easier for the sender, but it is also safe for the recipient as he or she does not have to share their personal banking details with the sender.
However, in instances where you have accidentally sent money to the wrong recipient due to an error in the phone number or bank information details, you will only be able to retrieve the money if the recipient decides to send it back to you.
In other cases where the bank account or phone number doesn’t exist, no transactions will be made from your account due to technical errors in the recipient info.
Therefore, if you gamble often and are in need of a reliable payment method option, then you should use betting sites that accept IMPS.
History of IMPS in sportsbooks
IMPS is considered as one of the best payment method options available in India at the moment. Not only is its money transferring system very reliable, but it is also perfect for carrying out transactions in sportsbooks.
Over the years, IMPS has seen a significant increase in its number of users. This happened especially after people started to become dependent on their mobile phones for fast and efficient transferal of money.
However, to be where IMPS is today, it had to be supported by some notable banking figures operating in India during its emergence. To be precise, the history of IMPS began under the supervision of NPCI. It was first backed up by four distinct banks located in India, like the ICIC Bank, SBI Bank, Bank of India and Union Bank of India.
The payment method option primarily took off in the year 2010 of August. It came into the spotlight when RTGSs and NEFT were the only existing payment method services for transferring funds by users in India.
Initially, IMPS began its journey as a mobile payment method on trial by NPCI. Later that year, during the months of September and November, more prominent banks like YES Bank, HDFC Bank and Axis Bank were added to the list of banks backing IMPS. The official launch of IMPS took place the same year on 22ndNovember 2010.
And since then, IMPS has made payment transfer easier for Indians, especially for Indian gamblers. As of now, IMPS has around 53 commercial banks and other urban/district/rural banks associated with it.
IMPS in India
Ever since its advent, IMPS has been very popular among users in India. Apart from using this secured payment method option for IMPS betting, users in general use the service for merchant payments and fund transfers in India.
Fund transfers include transactions of payments from one bank account to the other. Funds can also be transferred from bank account to wallet.
As for merchant payment options, there is rarely anything that you cannot do using IMPS. Aside from using it for IMPS betting sites, users can make use of IMPS to top up their mobile phones. Beginning from the smallest itinerary of payments including bills for grocery shopping to paying fees for schools and colleges, you can do it all using IMPS.
Most punters in India use IMPS betting as a protected method of money transaction. As a punter, you have to provide your bank account details pretty often and also transfer the deposit money to get you started. Oftentimes, if the payment method provided by the betting site is NOT secure, then there is a high chance of users being a victim of frauds and scams.
Moreover, there is also a looming threat of your personal information being passed on to third parties which may end up being a real threat of security for you. This is why most Indian punters opt for IMPS bettingbecause they know that IMPS will provide them with the best service for transferring money.
So, if you are looking for a safe payment method option to carry out your gambling transactions, then we would suggest you to try out betting sites that accept IMPS.
Other than carrying out gambling transfers for betting sites that accept IMPS, Indian users also use this reliable mode of payment for utility bill payments, travel and ticketing, online shopping, donations to religious institutions, insurance premium payments, over-the-counter payments, credit card bill payments, etc.
Advantages of Using IMPS
There are plenty of advantages for users of IMPS. For you, we have compiled the best advantages of using IMPS as a mode of payment:
Worried about transferring money on a bank holiday? IMPS is here to save you! You will be able to benefit from their services throughout the year, regardless of any bank holidays.
Another advantage is that you can also transfer money on the weekends if needed. Even if it is way past midnight and you need to pay your bills, IMPS has got your back with its 24/7/365 service!
You no longer have to worry about frauds and scams while transferring money to merchants or another bank account. This is because IMPS provides one of the safest and securest payment services in all of India.
You can take care of your payments using your mobile phone app for your connected bank. You no longer need to physically go to the bank in order to transfer money.
Easy to Access
Navigating IMPS is pretty easy and accessible for all Indian gamblers. You only need to download the banking app on your phone to be able to use IMPS. This makes it very easy for people who have a hard time figuring out technology.
IMPS in Betting
Did you know that you can win a Casino Bonus by depositing via IMPS? What’s more, you get to make real time transfers for betting sites that accept IMPS.
When it comes to transferring money for gambling purposes, there is no better option than betting sites that accept IMPS. Unlike other gambling sites which do not offer secure payment method options, betting sites that accept IMPS can assure you safe and secure transfers of your wins.
Furthermore, the most advantageous aspect of using IMPS betting sites is that you can transfer funds 24/7. No matter which day of the week it is, IMPS betting sites will always ensure secure payment of your wins and deposits. Even if it is a bank holiday or the holiday season itself, you can always avail this mode of payment services for IMPS betting sites.
How to Deposit and Withdraw
Unlike other payment options, it is fairly easy to deposit and withdraw money from IMPS.
Yes, it is possible for punters to make deposits via IMPS. However, one crucial requirement is depending on a payment solution. Payment solutions like Google Play, PhonePe and Paytm are all great for transferring your money from the connected bank.
At first, you have to press the ‘Deposit’ button on your profile and choose your preferred mode of payment. Here, you will select the IMPS option and land on a new page. On this page, you will have to fill up necessary bank details like your account number and the amount you want to deposit.
Once you have filled in the details, you have to take a screenshot and attach it. As soon as you hit ‘confirm,’ the amount will be deposited from your account.
Up next we have the withdraw option. Here, punters will have to first tap on the ‘Withdraw’ icon which is available on the screen.
Then, you will land on a page full of available payment mode options, from where you will choose IMPS. This will again land you on a new page and you can type in the amount of money you want to take out. You will also have to provide the necessary bank details to fill up the gaps.
Once finished, you can click ‘Confirm’ and you’re all set to cash out whenever you want to.
How Secure is it To Use the Payment Method in Betting?
It is quite natural for bettors to worry about the mode of payment being offered by sportsbooks. As mentioned above, there is always a risk of fraud, where these unreliable third-party payment options can take away your wins or deposits for betting.
Additionally, when you provide your bank details to third parties, you become vulnerable to personal security crimes. This is why it is crucial for most Indian punters to look for betting sites that accept IMPS.
Betting sites that accept IMPS offer tight security for bettors by protecting their personal bank details at all times.
All of the transactions that you make through IMPS are managed by NPCI. If you weren’t aware, NPCI has received the following certifications to ensure added security for making payment methods like IMPS more reliable:
ISO9001 – For Quality Management Systems
ISO223001 – For Business Continuity Management Systems
ISO27001 – For Security Management Systems
So, if you are looking for a safe and secure betting site for cashing out your wins, IMPS is definitely the payment method you should opt for.
How to Open an Account
You will need to follow these steps in order to open an IMPS account:
- You will have to head to your mobile banking page.
- Up next, you will need to select your bank account.
- For the third step, you will have to choose the option IMPS.
- Then, you will be required to generate MMID.
- Lastly, you will have to see the unique 7-digit MMID and start transactions.
Want to know about something great about using a payment method option like IMPS? It does not incur any added fees for the transactions you make, unlike other modes of payments. Therefore, you will always be able to cash out all of the money that you have won from online betting.
Alternatives to the Payment Method
An alternative payment method can be UPI for depositing and withdrawing funds from your betting account.
Similar to IMPS, UPI requires you to connect your account to payment support like Google Play, PhonePe or Paytm. Once set up using a strong password and VPA, you can start making transactions right away.
Frequently Asked Questions
IMPS is managed by NPCI, which is a certified institution for providing the best security for money transactions. This is why punters do not have to worry about using IMPS for sports betting. NPCI also offers added security for Indian gamblers.
You will be able to use any Payment solutions while depositing to IMPS. Punters will also be able to withdraw money using any payment method they see fit for using IMPS.
No, you do not have to verify anything when using IMPS. The only time you will need verification is when you withdraw money. This is because they want to make sure that the right person is withdrawing the money.
Perks of using a payment provider like IMPS is that you will incur no added fees for the transactions you make through it.
Check your wallet to see if you have sufficient Bitcoins or not. If nothing else works, contact customer support at the bookmaker.
If your payment is declined, it is either because you have an insufficient balance or have put in the wrong details of the recipient. You can always contact your bank to help you resolve any sort of issues related to declined payments.
Your deposited amount will be received by the betting site instantaneously. As soon as you hit confirm on the amount you want to deposit, you will be able to place bets on the betting site.
Yes. You will be able to withdraw any amount once you have completed the verification process.
- Take your time when selecting the best payment provider for you
It is crucial that you select your payment provider with time and caution. This is because the payment provider will be dealing with your personal banking details and handling your money transactions. Therefore, a trusted mode of payment is of utmost importance.
- Be aware of any fees which may occur
If you select other modes of payments, they might cause you to pay extra fees for transactions. However, IMPS will not incur any such fees if you opt for it.
- Make sure that your favourite betting site accepts your preferred payment method
Before choosing any betting sites, you should make sure that they accept the kind of payment method you prefer. It is better to be safe than sorry, especially when it’s about dealing with money.
- Know the transaction limits of your preferred payment method
Just the way IMPS has a limit of ₹2, 00,000, other payment providers also have their own set of limits. This is why you should do your research well before choosing betting sites.
Summary: IMPS betting
The primary goal of NCPI, which was established in the year 2007, was always to provide secure banking methods for Indians. Thanks to NCPI, payment providers like IMPS has transformed the entire funding process for Indian gamblers.
Using IMPS, punters can now make payment transfers at their own convenience and a lot faster than before. Therefore, if you are looking for websites that provide a secure mode of payment, you should opt for betting sites that accept IMPS.