The Immediate Payment Service (often referred to as IMPS) is a real-time payment system in India that allows users to transfer money instantly between bank accounts. It operates 24/7, enabling transactions at any time, including weekends and holidays. This service is particularly useful for urgent payments and is accessible through various platforms, including mobile apps and online banking. IMPS supports both person-to-person and person-to-merchant transactions, making it versatile for different payment needs. Users can initiate transfers using their Mobile Number or Account Number, ensuring a quick and secure way to send and receive money without delays.