What Is IMPS?
IMPS stands for Immediate Payment Service, and it’s among the safest and most widespread payment methods in India. Since 2010, IMPS has been working with hundreds of Indian banks, which enable lightning-fast money transfers across the country. You’ve probably used IMPS to pay utilities, shop online, or make donations, and now you can also use it for online gaming.
There is, however, a tiny catch. As the National Payments Corporation of India manages the system, you can only use it within the country. So only people or businesses with Indian bank accounts can use IMPS. And as gaming is only possible on sites outside the country, any Indian online casino accepting IMPS has to find creative ways of overcoming this issue.
Pros and Cons of Using IMPS in Online Casinos
- IMPS transactions keep your financial data secure
- The payments can flow through near-instantaneously
- Most Indian casinos accept IMPS deposits and withdrawals
- Deposit wait time can stretch up to ten minutes
- Some IMPS casinos in India have lengthy withdrawal delays
How to Deposit with IMPS
Once you choose the best IMPS casino site for Indian players, depositing funds to start playing takes no time. With your IMPS account information at the ready, complete a few simple steps:
- Sign up for a casino account
- Open the deposit tab in your dashboard
- Pick the IMPS or NetBanking deposit option
- Follow prompts to connect your IMPS account to the casino profile
- Input the sum you wish to deposit
- Enter the seven digits of an MMID to confirm the transfer
The process may be somewhat different across online casinos, and if you run into trouble, the support agents should be able to help you.
How to Withdraw with IMPS
While the first deposit may seem intimidating, withdrawals at the best IMPS casinos online are fast and easy. All you have to do is find the withdrawal tab on your dashboard, select IMPS (or NetBanking if IMPS is not an option), follow the cues, and wait for the money to drop into your bank account. If your chosen casino relies on local wire transfers instead of IMPS, the transaction can take up to three bank days.
Is IMPS Safe?
Security is one of the core advantages of IMPS gambling. Instead of sharing your bank card information with the casino and risking unauthorized access to your account, IMPS secures your private data and protects it from criminals. As the system has been operational for over a decade, IMPS casinos live in India enjoy the benefit of cutting-edge FinTech technology, including industry-standard encryption and authentication protocols.
Are There Any IMPS Fees?
There are two potential sources of IMPS casino fees. Usually, your bank defines the IMPS transaction fee. It will include the GST (Goods and Services Tax) and a small fixed sum ranging from 1 Rs to 15 Rs depending on your bank and transaction amount. At the same time, online casinos can impose internal deposit and withdrawal fees. Read the terms and conditions carefully to learn whether you’ll have to pay extra to use IMPS.
Alternatives to IMPS for Indian Gamblers
While IMPS betting is familiar and comfortable, it does have a few significant drawbacks. So if you’re looking for alternatives, consider these three options:
The mobile or web app works wonders for online casino deposits. After the initial setup process, sending money becomes fast and easy, accomplished in a couple of taps. And best of all, there are no extra fees for depositing funds. Unfortunately, GPay does not allow withdrawals, so you’ll need an alternative payment method for collecting your winnings.
If you have an email and a bank account, you probably have a PayPal account, too. It’s one of the safest and fastest ways of sending and receiving money across borders. In addition, most online casinos offer the PayPal withdrawal and deposit option. The only drawback is the fee, which may seem excessive if you make regular payments.
Credit Card Transfer
If you have a secure virtual bank card or a two-factor authorization in your online banking app, using a direct credit card transfer can be faster than relying on IMPS. While you will have to share your card data with the casino, the transactions will go smoother. And the fees can be lower than with IMPS or PayPal, but you need to check the exact sum with your bank.
While IMPS casinos are common in India, many do not use the system to its fullest potential because of certain legal and technical limitations. It’s still a fast and comfortable way to deposit and withdraw funds, but you should be aware of potential issues and consider cheaper alternatives that work just as well.