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    Credit Card Bill Payment Through IMPS And NEFT

    How do you make credit card payments? Is it online or offline? If online, what type of internet banking payment methods do you use? A majority of credit card users prefer making credit card bill payments through internet banking today.

    Remitting credit card bills through internet banking is preferred over other means of payments in several ways. It is simple and convenient. Payments through internet banking can be through mobile banking, auto debit, electronic bill payments, debit cards, national automated clearing house, RTGS, IMPS and NEFT. Each of these online payment options has its own advantages. Let’s understand how IMPS and NEFT work.

    What is IMPS?

    IMPS stands for Immediate Payment Service (IMP). It is an internet banking payment system that instantly transfers funds among partner banks electronically in the country. The service can be accessible 24/7 is offered even on bank holidays, unlike other options. Funds are electronically transmitted amid member banking institutions via mobiles.

    In India, National Payment Corporation of India (NPCI) manages IMPS, which has designed based on the prevalent National Financial Switch network. Funds can be transmitted and received through the system of IMPS utilising Mobile Money Identifier and authorised mobile numbers.

    Credit Card Bill Payment Through IMPS

    Credit card bill payment through IMPS is one of the most commonly used internet banking payment methods. The system fosters immediate fund transfer and can be accessible through several modes, including mobiles, Automated Teller Machines (ATMs), online banking or internet banking, bank branches, and SMS. It assures the 100% safety of credit card payments and is also economical. To be a partner banker of this system, banking institutions should have obtained a legal banking license from the Central Bank of India, which is the Reserve Bank of India.

    IMPS Participants

    The participants of the IMPS system include payers or remitters, bankers, National Financial Switch and beneficiaries or receivers. Payers are the parties making payments. In our context, they are credit cardholders. Receivers or beneficiaries are the parties to whom funds are transmitted. In our case, they are billers. Banks are the financial intermediaries that connect credit card bill payers to billers.

    Credit Card Bill Payment Through IMPS- How Does The System Work?

    Credit card payments are also called as merchant payments. Transactions can be clustered into two categories, which include merchant initiated transactions; also called as PULL or M2P, and customer initiated transactions, also called as PUSH or P2M. In case of P2M, transactions shall be initiated by credit card bill payers via member banking institutions. In case of M2P, transactions are initiated via merchant apps like mobile apps, the website of merchants, WAP site, etc. Such type of transactions require credit card bill payers to provide the registered contact number, OPT and MMID.

    How To Pay Credit Card Bills Through IMPS

    • The first step is to download the mobile application of your banking institution. For instance, you have to download the mobile application of ICICI Bank if you hold a bank account with this banking entity.
    • Once you download the mobile application, you have to login to mobile banking using credentials.
    • Click the ‘Bank Account’ button. You shall be provided with a link for the IMPS payment option.
    • Click the ‘IMPS’ button and choose the ‘Merchant Payment’ button.
    • Furnish the necessary financial details such as MMID, the contact number of billers, and your bank account from which funds are transferred, the billing amount, and your credit card number.
    • Finally, hit the ‘confirm’ button. The transaction is successful!

    Why Make Credit Card Payments Through IMPS

    • Payments can be made instantly, which means your biller’s accounts are immediately credited.
    • You can access this facility anytime anywhere.
    • The system is not expensive in terms of payment charges like mentioned earlier.
    • The system is faster in terms of the processing of payments and is reliable as well.
    • The IMPS system is convenient and customer-friendly.

    How To Make Credit Card Payments Using An IFSC Code

    • Log-in to your internet banking using your credentials.
    • Click the ‘Payment and Transfer’ button.
    • Choose ‘Payee’ and ‘IMPS-IFSC’. Note: Payees can be chosen from the list of itemised payees.
    • Furnish details such as the billing amount for your credit card, credit card number, etc.

    Top Five Banks Offering The IMPS Payment Facility

    • State Bank of India
    • Citibank
    • Axis Bank
    • ICICI
    • HDFC

    Credit Card Bill Payment Through NEFT

    Credit card bill payment through NEFT is another internet banking payment option. NEFT stands for National Electronic Funds Transfer. Being a country-wide remittance service, NEFT enables the payment of credit card bills electronically amid member banking institutions. Credit card payments initiated by credit card users shall be processed in batch-wise under the NEFT internet banking payment system. Like IMPS, the NEFT payment system is administered by the Reserve Bank of India (RBI), which commenced this facility in 2005. If sources are to be entrusted, the facility shall be offered by 101 banking companies at 74,680 bank divisions in India.

    Participants of NEFT

    The participants of the NEFT payment system include 1) beneficiaries, billers in our context; 2) payers, credit cardholders in our context; 3) banking companies, the financial intermediaries between billers and payers in our context; and 4) the payment network, which is administered by the RBI.

    How To Remit Credit Card Bills Through NEFT

    • The NEFT internet banking payment facility is only available to the customers, who have registered for the internet banking service. If you have not registered, be sure to be registered to avail this facility.
    • You have develop a list of credit card billers. Multiple billers can be chosen.
    • Once you have created a list of billers, then you have to choose the bank, the division of the bank, the city, and the IFSC code.
    • Finally, you have to furnish your credit card number with the billing amount.

    This is how credit card payments can be done using the facility of NEFT online.

    Why Make Credit Card Payment Through NEFT

    The NEFT internet banking payment facility provides the following significant benefits:

    • Like IMPS, NEFT is unswerving and effective.
    • The payment charges are lower compared to pay orders or sometimes demand drafts (DDs).
    • Under no circumstances, the transactions processed through NEFT can be canceled.
    • Payments can be made within one business day from the commencement of payment transactions.
    • NEFT is completely a paperless internet banking payment method. It is convenient for customers as well.

    Top Five Banks Offering The NEFT Payment Facility

    • State Bank of India
    • Citibank
    • Axis Bank
    • ICICI
    • HDFC

    Credit Card Bill Payment Through IMPS And NEFT Reviews

    • HDFC Bank Credit Card
      "Good in all"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a credit card and the customer services are good. They also provide me with good offers and a very good credit limit. It is a smooth process while using the card, I never faced any hassles in the overall process till date.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Citibank Credit Card
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      Citibank has been overall good in the customer services. The online banking is good and the credit card offers are also good. The statements are also good and the billing is also in a timely manner. The credit limit is also fine and there are no charges taken for the card.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "Average"
      0.5 3.5/5 "Pretty good"
      I have been using ICICI Platinum card for more than 1.5 years. The credit limit is low which they need to increase. IVR takes longer time for the connectivity also they need to improve the service. There is no annual charge for this credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Good card for the withdrawal"
      0.5 5.0/5 "Blown Away!"
      From RBL I have et money card it gives the flexibility of taking the cash without any interest. I can withdraw the maximum of 100%, the credit limit is also satisfactory with RBL card. One month back I got the card, the due date is convenient for me.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Recommendable Card"
      0.5 5.0/5 "Blown Away!"
      I get 10x points from HDFC card based on the spends, In fact the cash back is also excellent. The customer support is good for the credit card queries, but there is a long queue to connect with the executive. They don't have direct contact no, first I need to verify my details in IVR, then again the executive verify it, therefore the process should be simple.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • Citibank Credit Card
      "Good card for all transaction"
      0.5 5.0/5 "Blown Away!"
      I have reward points from CITI bank, I get more bonus points on the transactions, they give cash back offers for some transaction, I don't what to call them everything is prefect, the interest is also reasonable, I am using life time free credit card.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Need to increase the limit"
      0.5 5.0/5 "Blown Away!"
      I have HDFC Bharath credit card and using it for past 1.5years. The service is excellent and they are not charging high for the late payments. The credit limit is average and they need to enhance the limit. It is a life time free credit card. There was no much offers.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 22, 2019
    • Bank Bazaar Credit Card
      "Simple method for getting credit card "
      0.5 5.0/5 "Blown Away!"
      Through Bank bazaar it is a simple process of getting the credit card in quick time .It hardly took 1 week of time in Online method . I came to know bank bazaar through SMS . Customer executive guided about the various credit card in online . Mobile app is also user-friendly .
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      Axis Bank has offered NEO credit card and am using it for past 6 months. The credit limit is sufficient for the beginner, its 40K. The rate of interest is too high for late payment charges which they need to reduce. It is a life time free credit card.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 22, 2019
    • IndusInd Bank Credit Card
      "Online shopping and EMI is major advantage"
      0.5 5.0/5 "Blown Away!"
      I recently applied for the Indusind bank credit card in the on-line method . Within 10 days of time ,I got a good response till the time of dispatchement of my card . No annual fees for this card . The main plus point with Indusind bank credit card is the on-line shopping .
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Kotak Credit Card
      "Good Card with Kotak"
      0.5 5.0/5 "Blown Away!"
      I am using Kotak Mahindra card for around two years, I have salary account hence everything is fine for me. The credit limit is not good because they gave only Rs.22,000, they need to enhance the card limit. I have master card and the accessibility is great.
      Was this review helpful? 0
      , faridabad
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Average Credit card"
      0.5 5.0/5 "Blown Away!"
      Almost it is going to be 3 months since I started to use this RBL credit card . Normally I will do most of the shopping Off-line .Offers are on-line and it is up to the expectation . RBL mobile app is very easy for making the payment and downloading the statement .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "Credit limit is not sufficient "
      0.5 5.0/5 "Blown Away!"
      For the past 6 months, I am using the AXIS bank credit card . My credit limit is around 25 k only . But this credit limit is very insufficient to use .I am not getting any notification about the various offers in on-line . Annual fees is around 499 - .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have been using the credit card with the AXIS BANK the card is user friendly to use. The credit limit with this card is satisfactory added on that the offers with this card is good. I am using it from last few years with this card. There is a EMI conversion option but there is no balance transfer option with this card.
      Was this review helpful? 0
      , bhopal
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "BETTER"
      0.5 3.5/5 "Pretty good"
      I am not satisfied with the credit card that i am using it with the ICICI BANK because the credit limit with this bank card is not satisfactory also there are no offers available with this credit card. There is a EMI conversion option with this credit card which is good also it is easy to convert.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "BETTER"
      0.5 3.5/5 "Pretty good"
      I have a credit card with the HDFC BANK the credit limit with this bank they have offered is average and i am not getting any offers with this bank. There is a EMI conversion option with this bank it is good and easy to convert with this bank credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has almost been ten months since i am using this credit card and the services which they had provided me has been pretty good. But the credit limit with the card has been less and there has not been any annual charges with this card. I had been using this credit card for all sort of purposes.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      HDFC has given me a Money Back credit card and using it for past three years. I am happy with the credit limit. There was no annual charges and am paying monthly due. The charges are reasonable for EMI conversion. I got reward points but my sister use to redeem so have no idea.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • IndusInd Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am just using this credit card for the last one week and the services which they had provided so far has been pretty good. They had given me with a good credit limit and it does not have any sort of annual charges. I am using this credit card for all sort of purposes.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Good for all transaction"
      0.5 4.0/5 "Great!"
      I am holding RBL bajaj credit card, features are like the monthly benefits which they give like surcharges on the products, extra points on the shopping with the air lounges. The limit is very satisfied with RBL credit card, I am happy with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
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