IMPS offers an inter-bank electronic fund transfer service through mobile phones.

The implementation of such an interoperable system has been approved for NPCI Bharat BillPay Limited (NBBL), and it would be introduced in 2024, according to RBI Governor Shaktikanta Das.

The primary use cases of net-banking include payments to vendors, insurance premiums, mutual funds, and income taxes.

Currently, each bank must collaborate with a different payment aggregator in order to allow consumers to conduct net-banking transactions.

Customers can opt to use net-banking to pay online when they check out of e-commerce sites because banks won't need to partner with payment aggregators to onboard merchants for net-banking payments because all banks would be accepted by merchant sites.