Sankar Chinnakotla, Have done a considerable amount of research on Mobile payments.
Répondu il y a 95w
UPI (Unified Payment Interface) is an immediate Payment System that allows a person with a bank account to pay another person with a bank account money immediately. In addition, the payer (Person Paying) can pay the payee (Person Receiving the payment) using an address that looks like an email ID (e.g [email protected] or [email protected]) called virtual address without having to know the recipients actual Bank Account Number.
So let me explain an immediate payment system. The debit from the payer and credit to the payee is immediate. You dont have to wait for 1 hour (Like NEFT) for the money that is debited to your account to be credited in the payees account.
Another way it differs from Net Banking is that you can transfer to any account of a bank that participates in UPI. If you want to transfer money to some one whose account number is not registered in your Net Banking account, you need to first register the person and then add him/her as a payee and then make a transfer. Here you type in the virtual address of the payee and make the payment. Jiffy….
Ranjan Kumar, vit en Inde
Répondu il y a 86w · L'auteur dispose de réponses 108 et de vues de réponses 439.7k
Unified Payment Interface (UPI) is a mobile based payment system which allows transferring money in real time 24x7. The USP of UPI is that funds are transferred without entering your card/bank account details, the net banking password, and even the CVV number.
National Electronic Funds Transfer (NEFT) has been the most common way of transferring funds till date. However, you can use NEFT only in those banks which are NEFT-enabled.
Immediate Payment Service (IMPS) is a mobile payment program which enables the customers to transfer funds from their smartphones. For an IMPS transaction, you need the same details as NEFT (account number, bank holder’s name, and IFSC code) but the payment is made instantly.
MMID stands for Mobile Money Identifier, and it is a 7-digit number. Once a user has registered their MMID with their bank, you can use that MMID to transfer funds through IMPS. While UPI, NEFT and IMPS are a way to transfer money, MMID is a special identification id which makes it possible for you to transact safe payments without sharing your actual bank details.
Difference between UPI and NEFT, and IMPS
UPI, NEFT and IMPS are different services to transfer funds online but vary significantly. Let’s find out how:
UPI- This is the cheapest way for transferring money as it charges less than INR 0.50 per transaction.
NEFT- You need to pay a minimum of INR 2.50 per transaction.
IMPS- For each transaction, you are required to pay INR 5.00.
No card details required
UPI- No details like the bank account number, card number, or the IFSC code is required. Customers get a virtual payment address (VPA) similar to an email ID, e.g. [email protected] Just check the availability of the username you want to use in the VPA and you are done.
NEFT- You need the bank account number, IFSC code, and the customer name.
IMPS- Same details as NEFT.
UPI- As no bank account or card details are given for transactions, the personal data is safe and unknown to the remitter.
NEFT- The bank account details are known to everyone you owe or receive money.
IMPS- You need to provide the bank account details for fund transfer.
UPI- Payments are credited and debited immediately from the respective bank account.
NEFT- Before you can transfer funds, the beneficiary should be added as payee in your bank account, which might take from half an hour to 24 hours.
IMPS- The service is available 24x7, and the money can be transferred immediately. UPI uses the same IMPS technology.
UPI- You can link multiple bank accounts from different banks to one single UPI app on your mobile.
NEFT- You need to install your bank’s mobile app for financial transactions.
IMPS- Same as NEFT.
Choose your UPI app
UPI- You may have an ICICI bank account, but you may use the UPI app of SBI bank.
NEFT- It is limited to the bank’s website or app.
IMPS- Same as IMPS.
Immediate payee registration
UPI- The registration is done immediately.
NEFT- The registration of a new payee can take up to 24 hours, depending on the bank you use
IMPS- With the help of MMID, immediate registration happens. But if you use bank account number and IFSC code, then it takes the same amount of time as NEFT.
UPI- UPI app sends your debtor a notification for the same. Your debtor has to approve the UPI notification to transfer funds to your account.
NEFT- No such feature is available.
IMPS- There is no such facility.
UPI has emerged as a revolutionary step in the world of digital payments, especially for the mobile payments systems.
Gaurav Jain, A Financial Education Company
Répondu il y a 43w · L'auteur dispose de réponses 1.2k et de vues de réponses 987.6k
For banks which were smarting under the onslaught of mobile wallets like PayTM, Mobikwik, Oxigen and Citrus Pay, UPI has come as a boon to retrieve the lost ground. The UPI surely has the potential to make mobile wallets redundant in India. Will they be able to do that or not, that’s a million or may be Billion dollar question. This statement summarizes things well - “UPI is like the base; banks have to build on it. I don’t see any reason why mobile wallets will not be used. The only scenario in which they will not be used is if there is some killer app that is much easier to use. For that to happen you have to believe banks like SBI, ICICI, HDFC will come up with rockstar apps,” says MobiKwik’s Taku.
To know further in detail watch the following video :
Je vous remercie!!!