When impacted by a rigid body, a thin elastic membrane with negligible bending rigidity floating on a liquid pool deforms. Two axisymmetric waves radiating from the impact point propagate. First, a longitudinal wave front, associated with in-plane deformation of the membrane and traveling at constant speed, separates an outward stress-free domain from a stretched domain. Then, in the stretched domain a dispersive transverse wave travels at a speed that depends on the local stretching rate. The dynamics is found to be self-similar in time. Using this property, we show that the wave dynamics is similar to the capillary waves that propagate at a liquid-gas interface but with a surface tension coefficient that depends on impact speed. During wave propagation, we observe the development of a buckling instability that gives rise to radial wrinkles. We address the dynamics of this fluid-body system, including the rapid deceleration of an impactor of finite mass, an issue that may have applications in the domain of absorption of impact energy.