Digital payment has completely changed the way of making payments in India. With the advent of digital payment, it has become convenient to transact money online in the country. In the world of digital transactions, IMPS and UPI are the most popular methods of making payments today. We can easily transfer money through both these methods. With both these methods, you can make real-time payments i.e. you can transfer money in a few seconds. Both IMPS and UPI have been developed by NPCI. There are many differences between both IMPS and UPI digital transaction methods. In this episode, today through this news we are going to tell you about the difference between UPI and IMPS -
What is IMPS?
IMPS stands for Immediate Payment Service. It is a real-time interbank fund transfer system. This means that when you transfer money through IMPS, the money reaches the other account immediately. You can use IMPS through net banking or mobile banking of any bank. No UPI ID is required to transfer money to the IMPS payment method. In IMPS, you can send money through IFSC code, account number, Aadhaar number, or MMID. The transaction limit of IMPS is usually 5 lakhs.
What is UPI?
UPI stands for Unified Payment Interface. It is a mobile-first payment system that allows you to send and receive money from any bank account using your smartphone. To use UPI, you need a UPI ID. You can use any third-party app to use UPI.
To transact with UPI, IFSC code and account number, phone number, bar code, or virtual payment address are required. UPI transaction limit is usually 1 lakh rupees per day. Through UPI, you can easily pay bills, do shopping, and many other things as it is user-friendly.
Both IMPS and UPI are digital payment methods. IMPS is a good option for instant and large-amount payments, while UPI is more convenient and user-friendly for small-amount payments. UPI is a more popular payment method than IMPS, but it cannot be used to make payments of more than 1 lakh in a day.
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