Digital Payment Tools: Payment of money under Digital India has now started happening online. For this, there are many electronic methods like credit card, debit card, UPI (Unified Payments Interface), mobile wallet, NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), IMPS Immediate Payment Service. Digital payment has made money transactions much easier.
UPI
UPI has emerged as a preferred option for money transactions in India. Its biggest feature is that it works 24 hours even during holidays. Payment can be made in a few seconds using UPI platforms like Google Pay, PhonePe and Paytm. Another specialty of this is that no fee has to be paid on most of the payments. In such a situation, whether you have to pay house rent or buy groceries, payment is done instantly through UPI.
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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
With this electronic payment system operated by RBI in India, transfer of money between bank accounts at domestic level becomes very easy. However, in this method you can transact money only within a certain time.
Compared to UPI, it takes some time to make payment. However, NEFT matters a lot from the point of view of reliability and security. For this, there is no need of a smartphone like UPI, rather you can do NEFT through internet banking or by going to any bank branch. This is an old method of money transaction. This method is best for those who do not have much understanding of technology.
RTGS
In this technique of money transfer, money is sent from one bank account to another. However, fees are charged for sending money through this. Processing starts as soon as the money comes to the account through RTGS, due to which the account holder gets the money immediately.
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