Difference Between IMPS and UPI - IMPS is an abbreviation for 'Immediate Payment Service'. It is an instant interbank electronic fund transfer service that helps you access your bank account and transfer funds immediately and securely whereas UPI (Unified Payments Interface) is a payment system launched by National Payments Corporation of India.
1. UPI-IMPS Difference 1: Ease of transaction. For making an IMPS transaction, you need to enter a lengthy and complex data ranging from Name, Bank Account, IFSC code, etc. This creates inconvenience to a user. On the other hand, the UPI transaction is a simple process of solely inserting the Virtual payment address (VPA) of the payee. 2. UPI-IMPS Difference 2: App compatibility
One of the major differences between UPI and IMPS is the convenience and ease that UPI gives a customer when compared to IMPS. UPI allows complicated and lengthy information to be consolidated ...
Difference Between Payment Type And Payment Method. According to the national payment corporation, UPI in August recorded a transaction of 1.62 billion, and UPI payments increased by 8%. IMPS is also expected to grow by 2021 at a 100% annual growth rate. RTGS transaction volume amounted to 150 million in the year 2019.
You can do IMPS by visiting your Bank’s branch. You have to fill up a IMPS form with the details & submit it to the bank. Also, you can do it by using the Online banking facility of your bank. UPI: UPI stands for Unified Payments Service.
UPI Vs. NEFT/RTGS/IMPS & Wallets: 28 Differences. Digital revolution in India has begun as more & more service providers are adopting advanced technologies to provide good customer experience. Banking industry is at the forefront of this adoption and unified payments interface (UPI) is one such highly advanced technology backed by government of India and Reserve bank of India to promote cashless economy.
The Unified Payment Interface (UPI) can be thought of like an email ID for your money. It will be an unique identifier that your bank uses to transfer money and make payments using the IMPS (Immediate Payments Service). IMPS is faster than NEFT and lets you transfer money immediately and unlike NEFT, it works 24×7.
Service Availability: Depending on the type of transfer, the timings will vary. IMPS and NEFT are available 24x7, while RTGS operates only during banking hours. Fund Transfer Limit: The amount of money that can be transferred is the fund transfer limit. The limit will be different for different payment methods.