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Which payment system in India enables instant money transfer using mobile number and MMID?
- NEFT
- RTGS
- IMPS
- ECS
Answer: IMPS
IMPS (Immediate Payment Service) enables instant interbank electronic fund transfer 24x7 using mobile number + MMID (Mobile Money Identifier) or account number + IFSC. Developed by NPCI, it supports transfers up to ₹5 lakh. NEFT/RTGS have timing restrictions; ECS is for bulk/recurring payments.