Instant Payment Service (IMPS) and the Unified Payments interface (UPI) may seem like new payment techniques, but they’re not. You may have used them before without knowing it. They are governed by the National Payments Corporation of India (NPCI). The advantage of these payment options is that they allow you to transfer money to gambling sites quickly. We’ll walk you through our step-by-step procedure for depositing and withdrawing funds using IMPS at online casinos in India.
How to deposit money in Casinos with IMPS?
Even though using IMPS is just as easy as any other payment method out there, making your first deposit can be tricky. If you’re not sure where to start, don’t worry we’ve got you covered. Just follow these steps and you’ll be on your way in no time.
- Start by choosing a casino that accepts IMPS payments, then register.
- Choose the “Deposit” option from the cashier’s drop-down menu.
- Select IMPS as your preferred payment option.
- You can now connect your casino account to your IMPS account for easy withdrawals and deposits.
- Please type in the amount you wish to transfer.
- Type in the 7-digit MMID number in order to confirm the transaction.
How to withdraw with IMPS?
Withdrawing your money is just as easy as making a deposit once you’ve won. If the casino you’re playing at supports IMPS deposits, then it will likely let you use this method for withdrawals too. All you have to do is go back to the cashier section and select the withdrawal option instead of the deposit option. Then pick Immediate Payment Service, enter how much money you want to withdraw from your winnings, and click on the withdrawal button.
What fees are involved with IMPS?
There are a few more factors that you should consider before making a decision. The charges, for example, are another thing to think about. Like all other payment systems, charges fees for the services it offers. However, the amount you will have to pay will be determined by which bank you use to conduct your transaction. The costs are usually not very expensive; they typically range from ₹2.5 plus GST for transactions up to and including ₹1,000.
Fees for transactions under ₹100,000 will be approximately ₹5 + GST. If you’re wanting to work with larger amounts in the range of ₹100,000-₹200,000 , then you can expect a fee around ₹15 + GST. Note that this varies depending on the bank; some banks charge no fees fortransactions up to 1,000 and only have a fee of 1+GST for amounts up to 10,001 while others may charge 2 rupeesfor any amount over 10,001 and up to 100 000 rupees.
How Does IMPS Work?
With Immediate Payment Service you can transfer money to any other bank account holder in India quickly and easily. All you need is an account with a bank that supports IMPS, and you’re good to go!
This payment system is available 24 hours a day, seven days a week, even on weekends and holidays. The service is accessible via ATMs, mobile banking and internet banking. IMPS is ideal for gamblers because it allows for fast, secure, and mostly free transactions.
Here is a brief overview of how it works:
- The sender initiates a deposit via IMPS through their bank’s online banking system.
- The money is processed by the source bank and sent to the destination bank of the beneficiary (recipient) via a bridging network called National Financial Switch.
- After the transaction is complete, both the person sending the money and the beneficiary will get a text or email notification. The recipient can also use their funds right away.
What is the difference between IMPS and UPI?
In terms of features, Immediate Payment Service and Unified Payments interface are comparable. However, they vary in certain ways. The amount of time it takes to send money is one example. Because the transfer of funds only happens after the payee’s registration with IMPS, transferring money using this system takes longer than the UPI. You must wait at least 30 minutes before receiving your payment. UPI does not require registration, and there is no waiting period. This makes the entire process quicker and simpler. Moreover, if you use IMPS, both you and the receiver must have an Indian bank account. However, with UPI you can transfer money from your Indian bank account to a receiver abroad using your UPI ID or Virtual Payment Address.
IMPS is a quick, convenient, and affordable way to move money around. It’s also safe and secure. These days, more and more casinos are beginning to support IMPS deposits and withdrawals.
Is IMPS available 24/7?
Yes, the IMPS service is available 24 hours a day, seven days a week. This includes weekends and holidays.
Is there a limit to how much money I can transfer using IMPS?
The maximum amount you can transfer using IMPS depends on your bank's limit. However, most banks allow you to transfer up to ₹2 lakh per day.
Are there any fees involved with using IMPS?
There may be some charges involved depending on your bank. However, these fees are usually not very expensive. For example, SBI charges ₹2.5 plus GST for transactions up to and including ₹1,000. Fees for transactions under ₹100,000 will be approximately ₹5 + GST.
Can I use IMPS to transfer money to a bank account overseas?
No, you can only use IMPS to transfer funds within India. For international transfers, you'll need to use a different method such as wire transfer.