Quite some time ago in India, the Reserve Bank of India (RBI) had launched a system of payment called IMPS. IMPS is short for Immediate Payment Service, and it is a new infrastructure that was designed especially for making payments online and via mobile. IMPS allows customers to make payments of up to ₹1 lakh to any payee within seconds. Transactions can be made at any time, even on public holidays, customers can do whatever they want.
With IMPS, just like the name, transfers are instant. That alone explains why many people are already joining the bandwagon. Of all these people, players are the vast majority. That’s because of the urgency that comes with transfers dealing with playing. When you are playing, you typically will want the funds to get to your account as fast as possible.
IMPS relies on NEFT technology, and so, there are few restrictions as to who can use it. Even further, some customers have regulations regarding the amount they can transfer. For transactions using IMPS, both accounts must be in Indian banks. You will also need to enter their account number and IFSC code so the money enters the right account. Since many of the fantasy league platforms today are not based in India, they do not have access to the details of laws in India. Therefore, some of these international ones might not have IMPS as a method of payment. The Indian account restriction, in particular, makes it impossible to use the technique with international platforms, bookmakers, casinos, and players.
Online Fantasy Leagues in India Using IMPS
IMPS is an innovation in the mobile banking industry of India. The National Payment Corporation of India monitors and controls the system. With the design, you can make payments across every bank in India instantly. The system undergoes strict monitoring and supervision from the NCPI, and so, you are guaranteed its safety and security. There are no rooms for fraud or scam in the system at all. Many people, including the fantasy league community, have found it very reliable for making their payments.
Its use is extensive, and it is widely supported by most fantasy league platforms based in India. However, being a relatively new payment method, its use is limited to India’s shores alone. Sites owned and managed outside of India cannot use the system at the moment.
Amongst other benefits, its users benefit from the extreme access that it gives. That is, if there are complaints, players can easily make their way to nearby offices and make complaints to have things changed. Using IMPS payment for playing online, players can easily make their payments for their favorite teams in the fantasy league. India has seen a flurry of Fantasy Leagues startups over the years.
The list of sports that you can use with IMPS is unlimited. So far, the website is India based; you can make payments on anything from cricket, football, and any other thing that you may like.
How is IMPS better than other options for Fantasy Leagues?
Even though IMPS is a relatively new method for online payments, it has gained for itself huge followership in India. With the look of things, the numbers are not going to drop anytime soon. To prove that they are reliable, the number of users on their platform keeps increasing on a daily basis. They have stayed the best method of payment in India these few years for a few reasons which we will describe below:
- The system is innovative: As we have said earlier, the system of mobile banking operated by IMPS allows players to make quick transfers to the fantasy league accounts in no time. All the player needs are a bank account, an authorized phone number and an Aadhaar number to begin his transactions.
- The system offers anonymity and privacy of users: Fantasy leagues are not entirely illegal in India. Sometimes also, players do not want people to know what they are doing because of the stigma attached to this industry. And so, many players are always on the lookout for ways to not be in the limelight. Well, IMPS is about to change all of that.
- Availability: To say that IMPS is the most convenient banking method in India after UPI would not be a mistake. This is because the service of IMPS is always available all year round. On the weekends, national holidays and whatsoever day, the service is still open to everyone. This is mainly an advantage for fantasy league players since their games are played on the weekends. IMPS makes a convenient payment method for them.
- Speed of payment is the final part. As a player in the fantasy league, you would always want your deposits to reach your accounts on time. The algorithm at IMPS has been done such that transactions are checked and made as fast as possible.