Consumers can use IMPS without needing a smartphone, which adds to its financial inclusivity, making it a great payment option for the masses.
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UPI is a payment system that allows you to transfer money between any two parties. As compared to NEFT, RTGS and IMPS, UPI is far more well-defined and standardized across banks.
Consumers can use RTGS to transfer funds through two ways – online internet banking and offline by visiting a bank branch.
Both RTGS and NEFT have their strengths. Let’s understand these strengths and decide which mode to use and most importantly, when.
The characteristics of NEFT can help customers in spite of the dawn of faster payment solutions like IMPS in India.
One of the most important IMPS features is that it offers real-time transfers of funds that occur on an electronic platform.
NEFT allows people to transfer funds electronically from one bank account to another and is relevant to those who wish to transfer large sums of money.
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.