What is the primary feature of the Immediate Payment Service (IMPS) in India?

The Immediate Payment Service (IMPS) in India is designed to facilitate real-time fund transfers between bank accounts, and one of its primary features is the ability to carry out transactions using mobile phone numbers. This mobile-based architecture allows users to send and receive money quickly and conveniently, without the need for lengthy processes or the requirement to be physically present at a bank. This feature enhances accessibility and efficiency for users, enabling them to make instant payments anytime and anywhere as long as they have access to their mobile devices and internet connectivity.

The other options do not accurately capture the essence of IMPS. The service does not restrict transactions to business hours, as it operates 24/7, allowing users to make payments at any time. Additionally, it does not require a bank visit for transactions, as everything can be done via mobile phones or the internet. Processing payments within one hour is also not a defining feature, since IMPS is designed for immediate processing, often facilitating transfers in just a matter of seconds.