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A war between instant Payment modes…??

By: Makemymoney

If you are standing in the mid of somewhere with no cash, then it’s not a point of getting worried about. Yes, there are a number of instant payment modes are available. UPI, Paytm, PhonePe, Google Pay, Amazon Pay Debit Card, Credit Card etc are one of those resources. The payment options are unlimited and so there is a war between instant payment modes. And so consumers have been spoilt for choice when it comes to making payment.

These financial payment modes are extremely helpful if we compare it from 10 years back. People use t struggle a lot even for transferring a small amount of payment. The best proximity way was either paying through cash or at best wait for a couple of hours to do NEFT. But now India is digitizing rigorously and so instant payment modes are popularizing furiously.

Instant money payment is a revolutionary step launched in the year 2010 and it is succeeding a lot. After this, an instant payment mode star launched in the form of UPI. Unified Payment Interface was launched in 2016 and since then there is no looking back.  There are some good and highlighted features of IMPS and UPI. Let’s find out those key points.

Key points of UPI Over IMPS:

  • No need of knowing account number or IFSC
  • No beneficiary required
  • Interoperability where any bank account can be linked to the VPA of any bank
  • UPI ticket size number is 1/3rd of IMPS
  • Huge YoY growth in UPI transaction volume and amount
  • UPI transaction ticket size is about 1/6th that of IMPS

After demonetization, digitations have popularized a lot. So one should enjoy the seamless experience and wait for one on one more innovation to happen to widen your experience.

 

 

 

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