Immediate Payment Service is a type of online fund transfer service offered by the banks to their customers.
This service was launched in 2010 as a successor to RTGS and NEFT. A customer can transfer funds real-time with IMPS.
In order to carry out this type of fund transfer, customers simply need a mobile and account number. The most common method to transfer funds through IMPS is using one’s bank account and IFSC details. IMPS can be used to transfer funds to any person who holds a bank account with any bank.

Example:
This service is provided by SBI, Bank of India, ICICI Union Bank of India and has been extended to private banks such as HDFC, Axis and Yes bank.