Funds Transfer Mechanisms


 
 
Concept Explanation
 

Funds Transfer Mechanisms

Payment And Settlement System In India

UPI:

Unified Payments Interlace (UP) fund transfer service allows customers to instantly transfer funds or request funds from others via mobile phones. by using their registered mobile number. This service is available 24x7, including bank holidays. Transfers funds via Virtual Payment Address (VPA) thus eliminating the need to remember beneficiary account number and IFS Code

BHIM:

Bharat Interface for Money(BHIM) is a mobile app developed by National Payments Corporation of India (NPC). based on the Unified Payment Interface (UPI). It was launched by Narendra Modi. the Prime Minister of India, at a Digi Dhan mela at Talkatora Stadium in New Delhi on 30 December 2016. It was named after Dr. Bhimrao R. Ambedkar and is intended to facilitate e-payments directly through banks as part of the 2016 Indian banknote demonetisation and drive towards cashless transactions.

The app supports all Indian banks which use that platform which is built over the Immediate Payment Service infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can be used on all mobile devices.

IMPS:

Immediate Payment Service (IMPS) fund transfer service allows customers to instantly transfer money online or from mobile phones using their registered mobile number 24x7, including bank holidays. IMPS can be used to receive or transfer funds using beneficiary registered mobile number and Money Mobile Identifier (MMID) or account number and branch IFSC ecode. This service is available 24x7 with immediate confirmation of transaction.

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