NEFT was a game changer since it was launched and i do not think there is anybody among my readers who have not used NEFT . NEFT has been such a game changer that use of Cheques has been reduced to a minuscule minority.
NEFT has its short comings , like , it is not real-time , it would not work after working hours , it would not work on Sundays and holidays and so on .. These short comings needed a fix and fix is provided by —– IMPS
IMPS can be used as used by NEFT using the IFSC Code and Account Number or Account Holder can generate a unique Mobile Money Identifier (MMID) for his Account and share this MMID and Account Holder’s registered Mobile Phone number and anybody can transfer money
Remember these main features of IMPS
- It is Real-time , that is , money would transfer immediately
- It would work after office hours too
- It would work on Sundays and on Holidays too
My Simple Money Life 