Consumers can use IMPS without needing a smartphone, which adds to its financial inclusivity, making it a great payment option for the masses.
An mPIN is a 6 digit passcode that you must enter every time you wish to make a transaction. Without the mPIN, you cannot make UPI transactions.
The characteristics of NEFT can help customers in spite of the dawn of faster payment solutions like IMPS in India.
Immediate Payments System (IMPS) is now one of the most widely-used forms of electronic payments across India.
NEFT enables easy fund transfers between two parties, as long as both parties have a NEFT-enabled bank account.