Using IMPS for Online Betting Transfers
Here we will present IMPS as a way of depositing money on betting sites in India as well as a thorough guide on how to use it. Those who are reading this article might be already acquainted with the use of bank wire for betting and other online payment purposes. The process can take from a day to five in processing the request and transferring the amount into your betting or bank account. Administration of numbers, authorization, and many other things need to be managed before the payment gets reflected. Since this payment method has outdated its technological life, new payment methods have been developed that are much simpler and safer to use. IMPS (Immediate Payment Service) payment method is among the most popular and widely used payment systems that have made transactions faster and safer. Here, we will discuss all the aspects that make it suitable to be used for transactions with online betting sites and payments on various kinds of purchases. We will also talk about UPI (Unified Payments Interface) which is pretty similar but an upgraded form of the IMPS payment method.
IMPS payment method is among the most popular and widely used payment systems
FAQs about IMPS
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IMPS – A Modern Payment Method
The RBI (Reserve Bank of India) launched the IMPS (Immediate Payment Service) system as a new infrastructure specifically for mobile and online payments. This allowed customers to make payment of up to ₹1 lakh to any payee within a matter of seconds. Even if it is a gazetted, national, or bank holiday, customers can transfer the amount at any point of time. Payment through IMPS is instant, which is why a lot of bettors opt for this method while betting on live events or playing in an online casino. Relying on the NEFT technology, IMPS slightly lags in terms of the eligibility of a customer to transfer an amount. The IMPS user and the payee must have an Indian bank account to send and receive money. To transfer the money, a customer needs to enter their IFSC code and the account number in order for the payment to land in the right account. Many of today’s online betting platforms and casinos are based outside of the Indian borders which helps them operate without getting tangled in the legal nitty-gritty of the Indian gambling laws. This is the primary reason why any international bookmaker sites are not offering IMPS as a payment method. The condition of the customer and the payee having an Indian bank account imposes restriction which limits bookmakers and the players.
What is UPI?
UPI is an upgraded alternative to IMPS which is the current popular payment mode of almost every Indian who is using digital currency. UPI (Unified Payment Interface) requires lesser information and credentials to initiate a transfer process than IMPS. You might be wondering “What is the difference between IMPS and UPI in terms of betting with them”? UPI only requires a VPA (Virtual Payment Address), also known as UPI ID for the customer to make a payment. By using the VPA while depositing or withdrawing, the payment is automated and gets reflected in the account with two minutes. IMPS asks for various details including your account number, IFSC code, and name before you make the payment. This takes time and wouldn’t be suitable for live betting and online casino scenarios.
Online Betting in India via IMPS
A new form of mobile banking, Immediate Payment System (IMPS) is a service that allows customers to make instant payments across every bank in India. The system is governed by the NCPI (National Payment Corporation of India). It is in no manner a fraud or a scam. On the contrary, IMPS is a reliable system which is most popular among Indian customers including the Indian betting community. Its benefits are generous and extensive and is widely supported by all the major betting sites operating in India.
Why IMPS for Online Betting?
Online betting is more accessible to Indian players than ever. Banking methods like IMPS have garnered a great amount of trust by facilitating the betting procedures on such bookmaker sites. As a result, Indian online betting enthusiasts are able to place their bets on various sports including football and cricket at some of the top Indian betting sites.
Indian online betting enthusiasts are able to place their bets on various sports
How is IMPS Best for Online Sports Betting?
Despite it being a relatively new online payment method, IMPS has obtained a large following and is nowhere seem to be fading out. The number of users availing this service are growing by the day which is proof of its reliability and utility. There is a reason behind people moving towards IMPS which we will discuss below: Innovative System As said before, IMPS is a type of mobile banking that aids the instant transfer of funds to anyone who has an Indian bank account. Users require an authorized mobile number and an Aadhaar number to start the transaction process. IMPS is based on a trailblazing idea which is why it stands out from other payment methods. Privacy and Anonymity of Users One of the most recognized benefits of IMPS is that the betting sites do not need your bank account number for you to perform a transaction. In other words, IMPS is pretty effective at keeping the customer’s info safe and far away from the government’s vigilance. Despite online gambling in India not being illegal, the legal complications make things unclear for a bettor. Therefore, it is best to stay under the radar rather than getting caught for something you are not fully aware of. Constant Availability It would be valid to say that IMPS banking is among the most convenient payment methods other than UPI that is available 24/7 all year round. Customers can make payments even on weekends, gazetted, bank, and national holidays. For those betting on a T20 match scheduled for a weekend, IMPS is a convenient way of depositing funds in the betting account for quick wagering. Speed The most impressive aspect of IMPS is the speed with which payment gets processed. IMPS uses instant processing algorithms that check every transaction’s nature. Immediate transfers are a great alternative for those players who had to struggle at transferring amounts through other payment methods that were not so reliable and fast. With the availability of betting money at an instant, players can maximize their in-play betting potential.
Setting up IMPS account for Online Betting?
To create an IMPS account, customers need to have at least one of the below-mentioned things:
- Aadhaar Number
- A valid Bank Account Number
- MMID Number (Mobile Money Identifier Number)
Any of these things will do fine in creating an IMPS account. Since the registration process is pretty simple, it won’t be difficult for a layman to create an account without getting any help. To create an IMPS account, the first step is to find a bank that suits your betting and banking needs and file a request for IMPS service. IMPS is a countrywide project with more than 60 reputed Indian banks being members of the alliance. Therefore, it is compatible with all the major banks including the Central Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Bank of India, HSBC Bank, etc. After the account is created, you can use it to perform three different types of transactions:
- Mobile banking
- Web-based Banking
- Cash-out at an ATM
Most Indian online bettors rely on web-based banking to make IMPS transactions as they find it more convenient and easy to use. Each transaction is facilitated by the use of a mobile number.
Placing a Bet using IMPS
The IMPS mode of money transfer is a cost-effective transaction method that also saves time. This is the primary reason punters are switching from other methods to IMPS. The process of placing a bet is simple which first requires you to make a deposit. Below we have discussed everything that you need to know so you can place a bet:
Making Deposits
Even if the deposit process by using a mobile number may sound unfamiliar and unique, the process is more convenient than any other online transfer method. The IMPS payment method does not have any lower limit for deposits. Punters can deposit a maximum of ₹200,000 in their betting accounts using IMPS transfer. When it comes to transaction fees, IMPS banking service levies certain charges on all customers:
- ₹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
IMPS payment method does not have any lower limit for deposits
Performing Withdrawals
Whenever you ask for a withdrawal through IMPS, the process may take around 24 hours or so, depending on the bookmaker site you are dealing with. Likewise, the total transfer fee depends on the fees decided by the bookmaker site. The positive thing about the IMPS system is the absence of the conversion fee that players usually have to pay if they are making payments in foreign currency. Fortunately, IMPS is solely Indian money transfer method which is why Indian Rupees are accepted throughout the country. The cashing out process is also pretty simple. All that is needed is, finding the Cashier section on the bookmaker site and enter the desired amount you want to withdraw. After this, you will have to choose IMPS as your preferred payment method.
Using IMPS on a Betting App?
Since IMPS is primarily a mobile payment system, it perfectly complements mobile betting. More and more bookmaker sites have started investing in app development for their platforms. However, not all websites have their own applications, but things are reaching there with a pretty impressive speed. The process of betting through a mobile betting app solely lies with the kind of bookmaker you are dealing with. If a website has an app, Indian players can easily link their IMPS account with their betting account.
Betting Sites that Accept IMPS
Though there aren’t many online betting sites that accept Indian payment methods, there are two very popular bookmaker sites that have IMPS listed as their payment option:
10Cric
10Cric is a sports betting and casino site that has a wide range of games specifically designed to suit the gambling and betting requirements of Indian players. It is a licensed site with a major portal operating in the Indian subcontinent. The multiple payment methods also include IMPS which helps Indian players save conversion charges on a lot of bets.
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4raBet
Be it the 4raBet cricket or football section, everything is solely designed keeping Indian preferences in mind. All the deposits, bonus offers, and bet-slips are displayed in Indian Rupees, making life a lot easier for the Indian customer. Their IMPS payment method further helps reduce conversion charges, making 4raBet a great alternative to those foreign sites.
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IMPS Customer Service
Since IMPS relies heavily on telephone networks, connectivity issues occur frequently which affects the transaction in process. However, these issues are temporary and being a bit patient will make matters less stressful. If there is still a problem, you can reach out to the customer support service at a bookmaker through a telephone, live chat or email. If the bookmaker is unable to solve your problem, you can reach out to the bank through various channels.
Min Deposit: $10
Min Deposit: ₹1,000
