IMPS Betting Sites 2021
Immediate Payment Service (IMPS) is one of the leading online payment methods in India today. The inter-bank e-transfer system is one of three available today, with the others being National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS). IMPS was developed and launched by the National Payments Corporation of India, enabling users to process transactions to and from bank accounts. Due to its popularity, IMPS is a payment method accepted by an increasing number of online bookmakers. This page will outline the best IMPS betting sites, along with explaining exactly how it works.
Best Betting Sites Offering IMPS Payments
What is IMPS?
Founded in 2010, IMPS is an instant payment e-transfer system available in India. Processing payments through mobile phones, IMPS is operated by the National Payments Corporation of India, having been developed on the National Financial Switch network. A large number of banks are now associated with IMPS, including the State Bank of India, Bank of India, Union Bank of India, ICICI Bank, Axis Bank, HDFC Bank and Yes Bank. IMPS now processes some 200 million transactions per month.
How Does IMPS Work?
IMPS used NEFT technology in order to process instant bank transfers. Both parties, in this case punters and bookmakers, must have an Indian bank account that is associated with IMPS. Those looking to send money must have the bank account number and Indian Financial System Code of the receiver. Betting sites will receive funds instantly, however they will likely have to upload funds manually, so IMPS is not quite as quick as some other payment methods. Those using IMPS on a mobile device can simply use a Mobile Money Identifier (MMID), along with the receiver’s phone number, however this is unlikely to be an option at betting sites.
History of IMPS
IMPS was officially launched in November 2010, with the help of four central banks in India. Shyamala Gopinath, former governor of the Reserve Bank of India, was present at the launch, with many other banks having joined the project sooner after. IMPS faced strict competition from both NEFT and RTGS, however it managed to continue to grow, with some 240+ banks and financial institutes now being members. Meanwhile, with over 200 million payments being facilitated per month, the average cost of such transactions tops $200 billion.
IMPS in India
Owned by the National Payments Corporation of India, IMPS is currently only available to Indian residents. It remains to be seen as to whether the payment method will branch out to other countries. It is worth noting that all IMPS transactions come with a limit of INR 2,00,000.
Advantages of IMPS
The fact that IMPS is a government-backed payment system should tell you everything that there is to know about it. However, if you are still unconvinced, let us outline the main advantages in which banking through IMPS brings at online betting sites. The following are its leading benefits:
- Fast and convenient deposits and withdrawals
- Does not require funds to be pre-loaded
- Real-time payments to and from bank accounts
- 100% secure payments
- Two step authentication adds layer of protection
IMPS in Betting in India
IMPS may not have the experience of some of its competitors, however it has not taken them long to become associated with many of the leading bookmakers available to Indian punters. IMPS is a leading mobile payment method, allowing for instant deposits and fast payouts from to and from bookies. The fact that you do not need to upload your bank details to your betting account is another appealing factor for punters, while it is available 24 hours a day, 365 days a year. The speed of transactions through IMPS is particularly appealing to those placing in-play bets, where odds change regularly.
How to Deposit & Withdraw Using IMPS
Unlike some other betting site payment methods, IMPS caters for punters looking to both deposit and withdraw funds. The process involved with each transaction type is very simple, taking just a matter of seconds in most cases. So, let’s take a closer look at the steps involved. The following are step by step guides for punters looking to deposit and withdraw funds with their chosen online bookmakers.
Before making a deposit using IMPS, customers must ensure that they have a bank account that features Net-Banking. It is also required that bettors generate their own MMID Number, while some banks insist that on the Aadhaar Number being used too. Once such information is available, follow these simple steps to upload funds to your betting account:
- Login to your online sports betting account.
- Locate the cashier page and select the “Deposit” option.
- Select IMPS as your chosen method of payment.
- Enter the amount you wish to deposit.
- Complete the relevant form by entering your MMID Number and password.
- Enter the transaction password or mPIN if prompted.
- Enter your One-Time Password to authenticate the payment.
- Wait a few moments for funds to be added to your betting account.
Withdrawals using IMPS are likely to take anywhere between 1-3 days to process. This puts the payment method on par with many others, with the following steps being required to take home winnings in this way:
- Login to your betting account once more.
- Enter the cashier page and select the “Withdraw” option.
- Select IMPS as your withdrawal option.
- Enter your MMID Number or bank account details (including IFSC Code).
- Enter the amount you wish to withdraw, based on your available balance.
- Confirm your withdrawal and enter the mPIN/OTP.
- Wait for your funds to be sent to your bank account.
How Secure is IMPS in Betting?
Aside from its speed and ease of use, IMPS is also nothing but secure, something which will come as good news to potential users. The fact that two-step authentication is used adds massively to the safety of users, while a One-Time Password also ensures that it is very difficult for fraudulent payments to be made. All user information is fully encrypted at all times too, with secure servers being held by the National Payments Corporation of India, an organization which has an excellent reputation.
How to Open an IMPS Account
Before punters can start processing payments via IMPS, it is important to understand how the payment option works. While an account in the traditional format is not required, punters must still carry out a few steps to get the ball rolling. In order to so, they must have their Aadhaar Number, an eligible bank account number and MMID Number. The vast majority will be easily accessible to Indian residents, demonstrating just why IMPS is so popular. Once you have all necessary information, follow these steps in order to create your IMPS account:
- Go to your mobile banking page.
- Select your chosen bank account.
- Select IMPS
- Generate your MMID
- View your 7-digit MMID and authenticate payment.
Once such steps are complete, punters will be able to use IMPS for mobile banking, web-base banking and cash outs at an ATM.
Being a strictly Indian system, IMPS is unsurprisingly available in Rupees. As such, there are no conversion fees to worry about, as is the case with some other payment methods. Meanwhile, punters are unlikely to encounter any fees when depositing or withdrawing funds at betting sites. Deposits are certainly processed without charge, while withdrawal fees will differ between bookmakers. So, be sure to check with your respective bookies before processing payments in this way. In some cases, the following fees will be in play however:
- ₹2.5 excluding GST for deposits up to ₹10,000
- ₹5 excluding GST for deposits between ₹10,000 and ₹1,000,000
- ₹15 excluding GST for deposits between ₹1,000,000 and ₹2,000,000
Alternatives to IMPS
For those looking for a more traditional form of online payment or something that can be used on desktop, we have put forward some appealing alternatives to IMPS. Each of the following payment methods are completely safe and reliable, while all coming with their own set of benefits.
E-Wallets – Whether it be Skrill, Neteller or PayPal, e-wallets remain the method of choice for many punters looking to move funds to and from betting sites. They are convenient, fast and rarely come with hefty fees. The leading operators in this area all now have mobile apps too, making processing payments on the go a simple task.
Debit Card – While credit cards are also an option for punters, it is generally safer to go with a debit card, especially in terms of gambling responsibly. Using a debit card means that you are less likely to bet using only your disposable income. Cards are distributed by a huge number of banks and financial institutes, while they are readily accepted by online bookies. Debit cards also come with large deposit and withdrawal limits.
Bank Wire – While this may not be the quickest payment method available to punters today, it is very reliable. A BIC and IBAN code are required to process payments, which can take anywhere from 1-5 days to complete. Meanwhile, small additional costs may be incurred too.
IMPS Betting Sites in India – FAQs
Yes. IMPS is very safe, with a number of security tools having been put in place. All payments must be verified, while the fact that bank account details are not shared with bookmakers adding another layer of protection for bettors.
Yes. Each and every payment must be verified when using IMPS. This can be achieved by entering the relevant MMID number.
Potentially. This really depends on the specific betting site. Deposits are likely to be processed instantly, without charge. However, it is possible that withdrawals will come with a small fee.
In this event, double check that all information entered is correct. Also ensure that you have the necessary funds available to make a payment. If all else fails, contact your bank and bookmaker to find out what the potential issue is. IMPS offers 24/7 customer support.
Deposits made using IMPS are instant, one of its main selling points.
Withdrawals processed via IMPS are likely to take up to 3 working days to complete. The exact time will again depend on your chosen bookie.
Tips for Using IMPS
Simplicity is of the main selling points of IMPS. However, it is still worth coming to terms with the ins and outs of the payment methods. This is why our experts have put together the following tips, designed to help punters make the most of using the payment method at betting sites:
- Limits – Keep in mind the limits set by both online bookmakers and IMPS itself. The transfer limit through IMPS is Rs 2 lakh per day. Meanwhile, the minimum transfer amount has been set at Re 1.
- Fees – With fees potentially being involved with withdrawing winnings made from sports betting, it could be worth only taking home funds when necessary. Minimizing the number of withdrawals will help in the long run.
- Availability – IMPS is now associated with many of the leading banks in India. As a result, there is know need to simply pick the first institute that caters for this type of payment. Weigh up all additional benefits offered by banks before making your decision.
- Safety – Be sure that you take all of the necessary steps to ensure for your safety when using IMPS. This includes setting up the relevant security measures on your mobile phone. Never pass on your details to others either.
- Withdrawals – Where possible, use IMPS for both depositing and withdrawing funds at betting sites. This will help to ensure that payments are processed as quickly as possible. This tip is the same for all other payment methods too.
Bottom Line on IMPS Betting Sites in India
IMPS is a payment system that is likely to already be familiar to many in India. However, you may not have considered using it to fund your online betting activity. Allowing for quick, convenient and secure deposits and withdrawals, we certainly recommend considering IMPS. Start by checking out our recommended IMPS betting sites, all of which are licensed and trustworthy.