Which of the following is not true about Immediate Payment Service (IMPS)?

A. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones

B. The facility is provided by National Payments Corporation of India through its existing NFS switch

C. Internet Banking Account facilitates IMPS to transfer money to any account

D. To use IMPS, both the account holder and beneficiary needs to have Mobile Money Identifier (MMID)

Answer: Option D