IMPS is an emphatic service which allow transferring of funds instantly within banks across India which is not only safe but also economical.
Currently on IMPS, 639 members are live which includes banks & PPIs. This facility is provided by NPCI through its existing NFS switch.
Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
The interface is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform.
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