What differs UPI from IMPS? [UPI Vs IMPS]

loanpersonal October 5, 2022 All, Banking Leave a comment 46 Views

The transaction is started by the sender, and IMPS facilitates the transfer of funds from sender to recipient. It is important to note that UPI enables money transfers utilising both push and pull processes, allowing both the sender and the recipient to initiate a transaction. A single APP allows for the linking of multiple bank accounts for money transfers. Single Click Two Factor Authentication protects it.

What distinguishes BHIM SBI Pay from other payment methods or applications?

• BHIM SBI Pay provides the option to make payments whenever it’s convenient for you, day or night, 365 days a year.

• With simply their Virtual Payment Address, you can send money to friends or family members using the BHIM SBI Pay app (VPA).

• The money recipient is not obliged to reveal his or her account number, IFSC code, or any other similar banking information.

• You may use your smartphone to pay bills, recharge devices, and shop online, among other things.

What is the maximum transaction amount that may be sent or requested using BHIM SBI Pay?

The initial transaction after setting or resetting the UPI PIN can only be for a maximum of Rs. 5,000, and the first 24 hours can only have a total of Rs. 5,000 each day. Currently, BHIM SBI Pay has a restriction of Rs. 1,000,000 per transaction and every day after 24 hours. Within a 24-hour period, you can only make a total of ten transactions per account, up to a maximum of Rs. 1,000,000.