If you are an Indian player, you have probably already heard of IMPS. As it has grown significantly in the last few years, almost every Indian betting site provides it as a payment method. Founded in 2010, IMPS is an instant payment e-transfer system available in India. The National Payments Corporation of India operates IMPS and many local banks are now connected to it. Main associates are the State Bank of India, ICICI Bank and Bank of India.
Online betting with IMPS offers speedy and secure payments, eligibility for a welcome bonus and low transaction fees. In our detailed guide, you will be able to gain insight into all IMPS aspects:
ᐉ An up-to-date (2023) list of IMPS bookmakers in India
ᐉ A detailed description of using IMPS and depositing to your preferred bookmaker
ᐉ All the benefits and drawbacks
Best IMPS Bookmakers 2023
Among the IMPS bookmakers, we have selected the top-rated ones. The following betting sites offer to players unique promotions and high cricket odds. Go ahead and try them out to make the most of your betting activity.
Why should you bet in IMPS Bookmakers
Gambling with IMPS has many advantages and provides various reasons that any Indian player would consider noteworthy. The most significant upsides are the following:
✔ Wide acceptance by bookmakers: It is tough to find a betting site that does not offer ΙΜPS as a banking option. Since bank transfer for gambling is getting more popular lately in India, using IMPS has become a trend.
✔ Speed of transactions: It offers almost instant deposits and withdrawals. If you use other payment methods, you may need to wait up to 48 hours to complete your transaction. This is a crucial fact for players who prefer betting on live events.
✔ Safe and Secure: Betting with Imps is safe since any payment must be verified, while the fact that bank account details are not shared with bookmakers adds safety to your transactions.
✔ Managed by the NPCI: The National Payments Corporation of India has developed IMPS on the National Financial Switch network. That is a notable benefit for any player since every transaction is safe and your funds are secure.
✔ Bonus eligibility: Deposits always qualify for welcome bonuses on IMPS betting sites as it is considered one of India’s most trusted payment methods. Many other online payments like Skrill or Neteller are usually not eligible for this kind of offer.
✔ Low fees: There are no charges when you deposit to IMPS bookmakers. Regarding withdrawals, fees remain low and depend on the bank that you are dealing with. Compared to other payment methods, IMPS fees are lower than wallets and Paytm.
Drawbacks of betting with IMPS
Gambling with IMPS also comes with some downsides. Daily transaction limits, additional KYC verification and government regulation, can make it unattractive to some players.
❌ Transaction limits: It has a daily deposit limit which is set at 2 lakh. Other payment methods like Astropay don’t apply these kinds of restrictions. Also, some IMPS bookmakers may set daily limits on your withdrawals.
❌ Additional verification: It will be mandatory to proceed with a KYC to bet with IMPS and may need an extra verification step when you proceed with your first withdrawal. A picture of your identity and your residence address could be requested on this extra step.
❌ Betting activity is tracked: Since it is connected to your bank account, all your betting actions are documented since all transactions are recorded. Local authorities have the right to request a record since IMPS is government-regulated.
❌ Exclusively for domestic players: It is an online payment method designed for Indian players. IMPS is connected to the local net banking system and players that don't have an account to a local bank cannot use it.
❌ No Customer Support: Whenever players have a payment-related issue, they need to contact the bank they are dealing with to find a solution since IMPS doesn’t provide this kind of service.
Is gambling with IMPS legal and safe?
There is no legal issue when you are betting with IMPS. Indeed gambling legislation remains complicated in India and is a mix of federal and local laws. IMPS is legal since the National Payments Corporation of India is the supervising authority. The fact that you can set a two-step authentication adds to the safety of players. A one-time password will be sent to your registered phone when you deposit or proceed with a withdrawal. This ensures that it is difficult for any payment to proceed without the player’s approval.
How to bet with IMPS
How to create an IMPS account is straightforward. It is mandatory to create an Aadhaar Number, to have an eligible bank account number and MMID Number. That can be done quickly as long as :
- 1 Open your mobile banking app
- 2 Select your chosen bank account
- 3 Choose IMPS as a payment option
- 4 Generate your unique MMID Number. Mobile Money Identifier is a seven-digit number and the first four digits are the identification number of your bank
- 5 View your 7-digit MMID and then proceed with the payment
- 6 Done. Since steps are complete, you will be able to use it for mobile banking and betting with IMPS.
How to deposit with IMPS
You may wonder how to send money to your favorite IMPS betting sites. It will not take you more than a couple of minutes since the procedure is simple and effortless :
Log into your sportsbook account, go to the deposit option and choose IMPS or Net-Banking from the options. Then you have to select your bank. Υour bookmaker might have as first options some popular banks, but you can find the one you are dealing with on the list.Υour bookmaker might have as first options some popular banks, but you can find the one you are dealing with on the list.
Select the amount you want to deposit. Some bookmakers may offer you to choose a fixed amount as an option, but you can also select the amount you wish to. Then fill in the Mobile Money Identifier Number (MMID) or your login id. Depending on your bank, to proceed with transactions, you have to provide an additional transaction password or mPIN for the transaction.
You will receive an OTP (one-time password) in your registered phone number, which you need to fill in and authenticate the transaction. When the payment is complete, you will receive a text message on your registered mobile phone number.
How to withdraw from IMPS betting sites
For your payout, the procedure is once again easy to follow and may take up to 24 hours, depending on your bookmaker. Gambling with IMPS secures you easy withdrawals in a few simple steps since you have made a deposit in the same way :
- Log into your account on your IMPS bookmakers and go to the withdrawal option.
- Choose IMPS or Net-Banking from the withdrawal options
- Enter your MMID Number or fill in your Bank Account details
- You have to fill in the amount you want to withdraw
- Choose the withdraw button
- Enter the OTP which you have received on your registered phone number
- The transaction is completed and the money would be transferred to your bank account
Fees and limits
You may wonder, are there any charges for IMPS? When we talk about a deposit to IMPS betting sites, we refer to a transaction without charges. The minimum amount that you can deposit is ₹1. However, there is a maximum of 2 lakh as a deposit limit per day. At the same time, IMPS minimum limit amount for a withdrawal will differ between banks. You can find below some of the most popular bank IMPS charges.
Bank list of charges for up to Rs.10,000
|2||ICICI Bank||Rs. 5 +GST|
|4||SBI||Rs. 1 +GST|
|5||HDFC Bank||Rs. 5|
Bank list of charges from Rs.10,000 to Rs.1 lakh
|2||ICICI Bank||Rs.5 + GST|
Bank list of charges above Rs.1 lakh to Rs.2 lakh
|2||ICICI Bank||Rs.15 + GST|
IMPS bookmakers may have a daily limit. In general terms, the limit per day is ₹ 25 Lakh when you are talking about an IMPS transaction. Each bank may have a different daily limit for a withdrawal from a bookmaker.
IMPS compared to other methods
Even if IMPS Betting Sites are a good option for any Indian player, you need to have some substitutes. A serious player never relies on a single payment system; hence, we have picked the best alternatives.
IMPS vs Wallets
Indian bookmakers highly accept wallets such as Skrill and Neteller. Easy and quick transactions with low fees are significant advantages. Also, the fact that your betting activity can pass under the government radar could be a good asset for any player. On the other hand, IMPS bookmakers provide even lower fees than wallets. Another advantage of IMPS is that players are always eligible for claiming a welcome bonus. Gambling with wallets may not allow gamblers to participate in some offers.
IMPS vs Paytm
Paytm is one of the most popular payment methods in India. Paytm and IMPS both offer instant payments and local currency to Indian players. However, the withdrawal fees in Paytm betting sites are much higher (4%) than IMPS betting sites. Also, even though Paytm allows connecting your account with other payment methods like Neteller or Skrill, charges are really high (20%).
IMPS vs UPI
UPI (Unified Payments Interface) is India’s most popular banking system. It is an app that allows instant transfer of funds between two bank accounts in India. UPI has zero fees for depositing and a possible charge is as low as ₹0.50, depending on your bank when you withdraw. On IMPS betting sites, the minimum charges usually are ₹ 5 for a withdrawal. Also, with UPI, you have the right to choose the application that you want to proceed with your transactions. Some of the best UPI apps in India are Google Pay, BHIM and PhonePe.
What is the difference between IMPS, NEFT & RTGS
Indian gamblers can choose between many methods to transfer money online. The most commonly used methods have been IMPS by the National Payments Corporation of India, NEFT and RTGS introduced by the Reserve Bank of India.
IMPS and NEFT differences
National Electronic Funds Transfer (NEFT) is a payment system for one-to-one funds transfer. Using NEFT, you can electronically transfer money from any bank branch to a person holding an account with any other bank branch participating in the payment system. However, transfers through the NEFT system do not proceed in real-time and the funds transfer settles in 23 half-hourly batches. On the other hand, transactions with IMPS are almost instantaneous. Both systems have the same minimum transfer limit of Re. 1, but the maximum transfer limit for NEFT is Rs. 50000 when IMPS is Rs. 2 lakh. Regarding transaction charges, NEFT has no charges. IMPS charges depend on the IMPS-enabled banks.
IMPS and RTGS contrasts
Real-Time Gross Settlement (RTGS) is a payment system in which the money is credited to the beneficiary’s account in real-time. The RTGS system is the best option in India for large value transactions since it doesn’t have a maximum transfer limit. Although, the minimum limit is Rs.2 lakh. Ιf an RTGS transfer takes place outside business hours, that may apply additional charges. Generally, the transaction charges are Rs.25 for Rs.2 lakh up to Rs.5 lakh and Rs.50 for above Rs.5 lakh. IMPS also proceeds the transactions in real-time and at the same time has a lower minimum transfer limit (Re.1) compared to RTGS. Εven though the transaction charges could be different depending on your bank, the maximum fees can go up to Rs. 15.
For the moment, despite the fact that there are many IMPS betting sites, NEFT and RTGS are not highly accepted by sportsbooks in India. If you would like to deposit with net banking, your best options remain IMPS or UPI.
Final word on online betting with IMPS by Book Spy
IMPS betting sites have become very popular in India lately. Players can bet using it in the local currency since it is designed especially for Indian gamblers. Also, low fees and the availability to take a welcome bonus are significant advantages. Despite the complicated legislation in Indian regarding online gambling, betting with IMPS is totally legal and safe. However, like every payment method out there, it has some shortfalls. Your transactions are connected to the local banking system, can not pass under the radar and it is only available to users with an account to a local bank.
To sum up, IMPS deserves to be considered a good choice for any Indian player. Quick and easy transactions, high acceptance from Indian bookmakers and government regulation make IMPS an attractive gambling option in India. For high-stakes players looking for under-the-radar betting, other wallets like Skrill or Neteller may be a better option.
Complete list of bookmakers with IMPS
Founded in 2010, it is an instant payment e-transfer system. Processing payments through mobile phones, IMPS is operated by the National Payments Corporation of India. Most of the Indian banks are now associated with it.
Mobile Money Identifier is a 7-digit unique number that is used for interbank transfer. The first four digits are the unique identification number of the bank offering IMPS.
Straightforward answer, yes. You can proceed with a withdrawal via IMPS if you have deposited in the same way. Depending on the IMPS betting sites you are dealing with, the process may take up to 24 hours.
With IMPS, any player can transfer funds as low as Rs.1.Regarding the Maximum Limit per transaction is Rs. 2 lakh. These limits may be different from case to case by this, depending on the bank.
There are no extra fees when you proceed with a deposit to IMPS betting sites. Although withdrawal fees may apply in some betting sites, this depends on the bank you are dealing with.