IMPS New Service Update: Under the new update of Instant Payment Service, up to Rs 5 lakh can be sent even without linking the beneficiary’s account.
IMPS New Service Update: In today’s time, people use different types of digital platforms for online transactions. These include many UPI apps including Phone Pay, Google Pay, Paytm, BHIM. By taking advantage of such digital platforms and online banking facilities, users transfer money to each other from anywhere at any time. However, the problem sometimes increases when one has to transfer lakhs of rupees.
In such a situation, it becomes necessary for the sender to first enter the beneficiary’s bank account, account name, phone number and other information. However, to make this process easier, Immediate Payment Service i.e. IMPS has given a special facility in its service (IMPS New Service Update 2023). By updating the service, money can be sent without linking the account of the beneficiaries.
Facility to send up to Rs 5 lakh without account link
For online transactions up to Rs 5 lakh, earlier it was necessary to link the beneficiary’s bank account, name, number etc., but now there is no need to do so under the new service of IMPS. Users can do transactions up to Rs 5 lakh even without linking the beneficiary’s account. National Payment Corporation of India has introduced this facility for everyone.
How will the verified account be identified?
The new service of IMPS will also provide the facility to verify the beneficiary. Only by the phone number will you be able to identify whether the account number is correct or not. Facility to re-check bank details will also be provided. NPCI says that this new service has been launched to extend the system to corporates doing wholesale and retail transactions.
How to send money without linking the beneficiary’s bank account?
You can send money to the beneficiary by adopting two methods. For this you have to enter bank account number, bank holder name, IFSC code. Through this you can send money to the beneficiary.
Apart from this, there is another method through which money can be sent to the beneficiary. For this, you can also send money by using the phone number and Mobile Money Identifier (MMID) to identify the beneficiary. Doing is involved. MMID is a 7 digit number which is given by the bank to its customers.
