IMPS – A Guide
IMPS stands for ‘Immediate Payment Service’, and that gives an excellent indication of what to expect from this money transfer platform that can be used on cricket betting sites.
Many different Indian bookmakers now welcome deposits and withdrawals made by IMPS, so this is a quick, efficient and secure way to add funds to your betting account to then wager on cricket or any other sport.
Approved by the Reserve Bank of India, an estimated 200 million transactions are made by Indians and retailers every month via IMPS.
What is IMPS and How Does it Work?
IMPS was initially founded in November 2010, and being built on the National Financial Switch network ensured that a number of retailers and merchants could accept IMPS as a payment method right away.
Cricket betting sites followed shortly afterwards, and that’s mainly because of how simple it is to transfer funds using IMPS – more on that shortly.
The advantages of using IMPS for funding your betting are numerous and are headlined by the fact that deposits into your bookmaker account are instantaneous – you can be up and running with bets on the IPL, test matches and other cricket formats right away.
You can use IMPS via your mobile device or online banking, and with one-time passwords and other security measures in place, you can rest assured that using IMPS to add funds to your betting account is a safe choice.
How to Deposit Using IMPS
It couldn’t be any easier to initiate an IMPS transfer, and within a few steps you will have rupees to wager with in your betting account.
First of all, log into a cricket betting site that supports IMPS – you can find out details of those here at Cric Tips. Head to the banking section, select ‘deposit’, and choose IMPS (sometimes referred to as NetBanking) as your payment method.
Fill in your details, such as login ID or Mobile Money Identifier (MMID), and then choose your deposit amount. Enter the one-time password that will be sent to you, and then complete the transaction – your funds will be in your betting account within a matter of moments.
This process can change from one bookmaker to the next, but this is a general guide you can follow.
How to Withdraw Using IMPS
A withdrawal from your betting account can take between one and three working days to complete, and that speed is another reason why many bettors in India opt for IMPS.
To request a withdrawal from your betting account, head to the banking section of your betting site/app and select ‘withdraw’.
Enter your bank account details and MMID number, as well as the amount you wish to withdraw. Enter your one-time password, and then complete the transaction on screen.
As mentioned, it can take up to 72 hours for your funds to be credited to your bank account, but, when compared to some other payment methods, this is a pretty speedy turnaround.
Again, this process may not be exact at all cricket betting sites, but the steps above will certainly be helpful to you to follow.
Benefits of Using IMPS for Online Betting
One of the most pertinent reasons for using IMPS in your betting is that most Indian bookmakers will accept deposits and withdrawal requests using this method.
The transaction speeds are supremely fast, and this is particularly important if you bet in-play on cricket – IPL and other T20 games can change so fast, and you might miss the best odds if you don’t use IMPS.
Payments made via IMPS are safe, secure and overseen by the National Payments Corporation of India, so you have the peace of mind of knowing that your transactions are trustworthy and reliable.
While IMPS isn’t free of charge when withdrawing funds from your betting account, the fees are lower here than they are with some other payment methods.
If you use IMPS, you are likely to qualify for any welcome bonus or ongoing promotions that your cricket betting site in India offers. This isn’t always true for some e-wallets such as Skrill or Neteller that are often exempt from such bookmaker offers.
- Widely accepted by most cricket betting sites
- Fast deposits and quicker-than-average withdrawals
- Low fees on withdrawals
- Ensures that you qualify for welcome bonus and promotions
Potential Drawbacks of Using IMPS When Betting Online
One of the main disadvantages is the IMPS limit, which restricts you to deposits of 2 lakh in a single day. This won’t be of concern to most bettors. However, if you are a high roller, then this is something to consider.
IMPS payments do show up as transactions on your bank statements, and so deposits into your betting account will be visible. Some other payment methods allow for complete anonymity.
While charges imposed on withdrawals using IMPS are low, there are some payment methods that don’t have withdrawal fees at all.
- IMPS applies a limit to the deposits you make in a single day.
- Transactions show up on bank statements, so there’s no anonymity.
Alternatives to IMPS for Cricket Betting
If you crave anonymity in your betting, you might be better served to use Paytm over IMPS. The former does not have itemized statements, so your deposits will not show up in documentation.
Another interesting alternative is AstroPay, because it solves one of the drawbacks to IMPS: the somewhat low deposit limit. With AstroPay, you can deposit as much as 10 lakh into your betting account with a single transaction.
If you want greater flexibility, UPI could be considered as an alternative to IMPS. You can connect your UPI account to Google Pay or Paytm, which helps to facilitate smoother payments using your mobile device.
Our Honest Opinion About IMPS
We have found that there are many advantages to using IMPS to fund your betting, and the key thing is that these will add genuine value to you when wagering on cricket.
Because so many different cricket betting sites accept IMPS, you can choose a bookmaker that offers the best odds, the most generous bonuses and extra features you like – safe in the knowledge that you can use IMPS to deposit and withdraw funds.
The transaction speeds are so quick that you can make a deposit and begin betting on the next set of cricket matches instantly, and with low withdrawal fees, you won’t eat into your winnings when cashing out.
The drawbacks of using IMPS will only affect a small number of bettors, and that’s why it comes highly recommended by us as a payment method in your cricket betting.