The era of digital payment is on peak. Everyone transfers money with the help of digital platforms. There are various types of paying platforms that are available for payments.
One needs to choose a safe and secure money transferring platform. UPI and IMPS both are used for money transfer. These methods ensure safe transfer of money. The insights upon both the payment methods is given in this blog.
You can check out this blog and you can know which payment platform is best for you. Get proper insights on digital payment methods and then decide the good one. Read the sections below.
Differences to know between UPI and IMPS
UPI and IMPS both are different and unique platforms through which your money can be transferred. You can know the difference between them by reading the points below.
- The transaction limit for UPI is Rs 1 lakh per day and the limit for IMPS is Rs 5 Lakh per day. You can see that the limit is higher for IMPS and you can transfer more money in IMPS.
- The use of UPI is done by many people and it is quite popular. IMPS IS also used but it is not that popular.
- The convenience of using UPI based apps is great. One can easily use the apps. Whereas the IMPS is less convenient and the process takes time.
- The transaction charges are also included in IMPS but in UPI the charges are not included.
- In both the methods you can get access to payment 24/7.
These are the main differences and you can now easily understand how one platform differs from the other one!
Merits and demerits of IMPS that you need to know
Now you have a clear idea about the differences in IMPS and UPI, it is necessary to understand the merits and demerits of the same. So let us start talking about the merits and demerits of IMPS.
The merits of IMPS are shared as follows.
- You can use this method anytime, anywhere. It gives instant transactions.
- A good banking network allows secure payments. Via IMPS you can make safe payments.
- After fulfilling the required information one can proceed towards transaction.
- It is easy and a fast method.
- The limit of transactions is also higher. It is up to Rs 5 lakh per day.
The demerits of the IMPS are shared as follows.
- Some banks may charge transaction charges.
- It is not used widely as UPI.
You can see what are the merits and demerits of IMPS. Now you know why to use it and why you should not! Now let us discuss the same about UPI.
Merits and demerits of UPI payment method
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Merits and demerits of UPI are also to be known. Check out the merits and then demerits of UPI and decide why you should choose it.
Merits of UPI are shared as follows.
- UPI is well known for its ease and convenience. One can easily make the transaction with the help of an app.
- The QR scanning further makes the process easy.
- This platform is more secure than the other one.
- Within a short time span one can make the transactions.
Demerits of UPI are-
- For the transactions one needs a smartphone and people who don’t have access to it can not take advantage of UPI.
- The limit of transaction per day is only Rs 1 lakh.
The merits and demerits of UPI tell why you should prefer it and why you need to avoid it. Make the right choice by considering the one platform that is good for your needs.
Why are digital payment platforms being used?
Nowadays everyone is making digital payments. The process of digital payment makes things easier and it leads to the cashless era. There are many perks of using digital methods . Check out the points below.
- Digital payment makes things easier and convenient.
- The security of the transaction is also good.
- One can get access to the transaction anytime, anywhere.
- One can stay cashless as the popularity of digital payment is on peak and everyone is having access to it.
- It is very time saving and that is why it’s preferred.
You can see how great the digital payment methods are. One can use them without
any worries. Choose the platform by checking its features. You will get good outcomes by doing so.
UPI or IMPS: Which one should you opt for payment?
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Between the UPI or IMPS you can choose the one that is suitable for you and your needs. If you want to make small payments and you want to do them instantly then you can proceed with UPI. UPI will help in making good payments in a faster way.
If you want to do some business related transactions in a large amount at a time then IMPS is best for you. It has a greater limit of transactions. You can use it easily and securely for payments. You can make the payments without any worry. The use of IMPS or UPI is totally a choice of yours. Both the payment platforms are now being used and everyone is taking advantage of it. You can also get help from it and you can make payments.
Be cashless and take the benefit of digital payments. Doing online shopping with a digital payment method can help you in getting cash back too. Choose the platform accordingly.
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Conclusion.
UPI and IMPS both are the digital payment methods that help in doing the transactions safely. You can choose the platforms according to your needs of transaction. Nowadays UPI is more commonly used than IMPS. Both of them come with their own merits and demerits. This blog has covered all the points regarding IMPS and UPI. Read the blog and then you decide which one to choose. The convenience of using, ease, time utilised, etc are some of the factors that are to be considered while making a decision. Read the complete blog and check which one is better for you and your needs. Start doing cashless payments and switch to digitalisation!
