IMPS
Definition
Immediate Payment Service, an Indian system for instant interbank fund transfers available around the clock, including on holidays. It bridges the gap between batch NEFT and high-value RTGS.
Related Terms in Banking & Payments
UPI AutoPay
A feature of India's Unified Payments Interface that lets customers authorise recurring payments — subscriptions, bills, EMIs — to be collected automatically from their account up to an approved limit.
Payment Gateway
A service that authorises and processes online payments between a customer, the merchant and the banks, securely passing card or account details and returning an approval or decline.
Merchant Account
A type of bank account that lets a business accept card and electronic payments, holding funds from sales before they are settled to the business's regular bank account.
Chargeback
A reversal of a card payment initiated by the cardholder's bank, usually after a dispute or fraud claim. The merchant may lose the sale amount and a fee unless the chargeback is successfully contested.
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