Digital Payments: In Digital India, many electronic methods are used for money transactions, of which UPI, NEFT, and RTGS are prominent. All these methods are different from each other.
Digital Payment Tools: Under Digital India, money payment has now started happening online. For this, there are many electronic methods like credit cards, debit cards, UPI (Unified Payments Interface), mobile wallet, NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS Immediate Payment Service. Digital payment has made money transactions very easy.
UPI
UPI has emerged as a very preferred option for money transactions in India. Its biggest feature is that it works round the clock even on holidays. Payment can be made in a few seconds using UPI platforms like Google Pay, PhonePe and Paytm. Another feature of this is that there is no charge on most of the payments. In such a situation, whether it is paying house rent or buying groceries, payment is done instantly through UPI.
Credit Line
Last Friday, the Reserve Bank of India allowed Small Finance Banks to give loans through UPI. Guidelines for this will be issued soon. With this, loans will be easily made available to small businessmen even in remote rural areas, which will increase economic activities, increase employment and more development of rural areas. Earlier, only a few commercial banks were allowed to give loans on UPI.
NEFT
This electronic payment system operated by RBI in India makes it very easy to transfer money between bank accounts at the domestic level. However, in this way you can transact money only within a certain time.
Compared to UPI, it takes some time for payment to be made. However, NEFT matters a lot in terms of reliability and security. For this, like UPI, you do not need a smartphone, rather you can get NEFT done by going to internet banking or any bank branch. This is an old method of money transaction. This method is best for those who do not understand technology that much.
RTGS
In this technique of money transfer, money is sent from one bank account to another. However, a fee is charged for sending money through this. Processing starts as soon as money comes into the account through RTGS, due to which the account holder gets the money immediately.
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