A unique mobile based account which helps to carry out transactions from the fund in your account is known as internet mobile payment service. This service can be availed by official account holders of Bank of Baroda. The Bank of Baroda IMPS works in collaboration with NPCI (National Payments Corporation of India). The service which IMPS provides can be defined as the interbank fund transfer method, which electronic in nature and works instantly in real time.
How to get the BOB IMPS service in your mobile?
This service is mainly carried out with the help of mobile phones where these phones work as a channel to transfer fund from one account in one bank to another account in another bank. The BOB IMPS facility works not only as a remitter but also has proven itself to be beneficial for the account holders. These account holders therefore have to register their mobile number with their bank account. After going through the registration process, he or she receives a MMID (mobile Money Identifier) which is a code of 7 digits issued uniquely for each customer who avails the IMPS facility by the banks including BOB, participating in this process.
What are the positive effects of using the BOB IMPS service?
With the help of IMPS, your work becomes much easier and your transactions work much smoother and faster. The basic advantages that you can gain if you are a registered Bank of Baroda IMPS user are:
If the money is transferred to an account through IMPS, the fund is credited instantly.
You can carry out transactions at any hour of the day and on any day of the week. IMPS service works 24X7 and therefore you needn’t wait for the Bank to be open to carry out your transactions.
With the help of the mobile banking facility of Bank of Baroda, also known as the Bank of Baroda M-Connect, the IMPS transfer of any amount can be done at a go; therefore going through several counters at the bank can be avoided.
How to do IMPS?
To make a transfer, you need the person or the receiver’s registered mobile number and the Mobile Money Identifier (the 7 digit code). You do not require any account details like the account number, IFSC code and the bank’s name to make the transfer.
You can register to make the IMPS transfer by going to the M-Connect app in your mobile, selecting the option funds transfer – other bank – IMPS – details of the beneficiary and make the deposit or payment. There you enter the PIN, then mention the amount and click on OK to confirm the request and carry out the process.
If you are the beneficiary, you just share your registered mobile number and the MMID code and after the payment is transferred to your account, you receive a SMS confirming your credit.
The process is quick and the only requirement for availing the BOB IMPS facility is that you have to be an account holder at any branch of Bank of Baroda. BOB is now sharing this facility with 29 other banks.