There has been a lot of change in the way money is transacted 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, and NEFT have completely changed the way money is transacted. Although modes like IMPS, RTG, and NEFT are available for online transactions, apart from all these, UPI has become a very popular mode.

Now people like to use UPI for online payment. UPI has made our wallets digital to a great extent. Now there is no need to check the wallet by putting a hand in the pocket when leaving the house. We will tell you below why UPI has become very popular among all online payment modes.

NEFT
In the year 2005, the Reserve Bank of India (RBI) introduced NEFT. It is a kind of electronic fund that is used for fund transfers. 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 secure way to transfer funds. To transfer funds through NEFT, the customer has to go to the bank and fill out the form. In this form, he gives the details of the bank account of the sender and the receiver, after which the fund is transferred by the bank.

Benefits of NEFT
NEFT is a one-to-one payment facility. There is no need for a third party to transfer funds in this.

A low charge is levied by the bank for transferring funds through NEFT.

Funds are transferred within half an hour through NEFT.

This is a secure and fastest way to transfer funds.

No check, or demand draft is required to transfer funds.

Loan, and credit card payments can also be made through NEFT.

IMPS
IMPS is also an electronic way to transfer funds. The full form of IMPS is Immediate Payment Service. Through IMPS, a customer can transfer money from one bank account to another instantly. Through this service, money can be transferred from one bank to another.

The money transferred through IMPS is in 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 an Aadhaar number and mobile number.

This is a fast, safe, and secure way to transfer funds.

There is no limit to transferring funds in IMPS.

IMPS service remains operational even on bank holidays.

One can easily avail of the service of IMPS through net banking, ATM, and mobile phone.

There is no need for information like bank account number, IFSC code, etc. for payment through IMPS.

There is real-time fund transfer or settlement in IMPS.

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 transactions in this too.

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 is, payment can be made at any time.

It is a one-to-one crediting system.

UPI
UPI has an important role in the 'Digital India' campaign launched by the government. It is completely promoting cashless transactions. Today UPI is used not only in India but in many countries of the world. RBI and NPCI launched the Unified Interface Payment (UPI) in the year 2016. It is very easy to make payments through UPI. This is why it is very popular among 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 made its presence felt from roadside shops to mall showrooms.

Advantages of UPI

UPI payment can be made easily through a single click.

Payments can be made and received through UPI.

UPI users can make payments of up to Rs 1 lakh in a day.

Payments can be made anywhere easily through UPI ID.

UPI payment can be made both online and offline.