Business News Desk – The way of money transactions has changed a lot in the last 10 years. Earlier people used to go to the bank to transfer money from one bank account to another, that work is now done in a jiffy. Yes, UPI, IMPS, RTG, NEFT have completely changed the way of money transactions. Although methods like IMPS, RTG, NEFT are available for online transactions, but apart from all these, UPI has become a very popular method. Now people prefer to do UPI for online payment. UPI has made our wallet digital to a great extent. Now there is no need to check the wallet by putting hand in the pocket while leaving the house. We will tell you below why UPI has become so popular among all the online payment modes.
NEFT
In the year 2005, the Reserve Bank of India (RBI) introduced NEFT. It is a type of electronic fund that is used for fund transfer. Let us tell you that through NEFT, you can easily transfer money from one bank to another. However, for this it is necessary to have a NEFT-enabled bank account. This is a safe way to transfer funds. To transfer funds through NEFT, the customer has to go to the bank and fill the form. In this form, he gives the information about the bank account of the sender and the recipient, after which the fund is transferred by the bank.
Benefits of NEFT
NEFT is a one-to-one payment facility. It does not require any third party to transfer funds.
Less charges are levied by the bank for transferring funds through NEFT.
Funds are transferred within half an hour through NEFT.
This is the safest and fastest way to transfer funds.
There is no need of any cheque or demand draft to transfer funds.
Loans and credit card payments can also be made through NEFT.
IMPS
IMPS is also an electronic way of transferring funds. The full form of IMPS is Immediate Payment Service. Through IMPS, a customer can transfer money from one bank account to another immediately. Money can be transferred from one bank to another through this service. The money transferred through IMPS is real time. That is, it does not take time for the money to be transferred. No matter how much fund is transferred through IMPS, there is no transfer charge on it.
Benefits of IMPS
Funds can also be transferred through Aadhaar number and mobile number.
It is a fast, safe and secure way to transfer funds.
There is no limit on fund transfer in IMPS.
IMPS service remains operational even on bank holidays.
IMPS service can be easily availed through net banking, ATM, mobile phone.
For payment through IMPS, information like bank account number, IFSC code etc. is not required.
Real time fund transfer or settlement takes place in IMPS. Also read: ITD Cementation Share: This company may be owned by Gautam Adani, investors rushed to buy shares as soon as the news came
RTGS
RTGS is also called Real Time Gross Settlement. In this also you can transfer any amount. RTGS was started in 1985 through 3 central banks. RBI launched it in India in 2004. Today RTGS facility is available in more than 72 banks. There is no maximum and minimum limit of transaction in this also.
Benefits of RTGS
Online and offline payments can be made through RTGS.
Payments can also be scheduled in this.
RTGS service is available 24X7. That means payment can be made at any time.
This is a one-to-one crediting system.
UPI
UPI has an important role in the ‘Digital India’ campaign launched by the government. It is promoting completely cashless transactions. Today UPI is used not only in India but in many countries of the world. RBI and NPCI launched Unified Interface Payment (UPI) in the year 2016. It is very easy to make payments through UPI. Because of this, it is very popular among the people. The popularity of UPI is proved by the fact that more than 10 lakh users make payments through UPI in a month. Now UPI has registered its presence from roadside shops to mall showrooms.
Benefits of UPI
UPI payment can be done easily through one click.
Payments can be made and received through UPI.
UPI users can make payments up to Rs 1 lakh in a day.
Payment can be made easily anywhere through UPI ID.
UPI payments can be done both online and offline.
