Making payments using Free Software: Difference between revisions

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== Immediate Payment Service (IMPS) ==

An alternative to UPI is to use IMPS with phone number beneficiary. IMPS is actually the base layer on which UPI is built, and can be accessed in a platform-independent manner through Net Banking.

An alternative to UPI is to use IMPS with phone number beneficiary. IMPS is actually the base layer on which UPI is built, and can be accessed in a platform-independent manner through Net Banking. Due to this, people who have activated UPI on their bank account would have automatically activated IMPS as well.

IMPS used to require a full bank account number and IFSC code to make a transfer. However, in February 2024 <sup>[https://pavzi.com/imps-new-rules-2024-allowed-to-transfer-upto-5lacks-without-account-number/]</sup>, they added the option to pay using a phone number and bank name instead. This makes it more suitable for quick payments as people are more likely to remember their phone number than their account number (let alone IFSC code!). Now, if we know someone's phone number and their bank name, we can transfer using IMPS over Net Banking.

@@ Line 33: / Line 33: @@
 == Immediate Payment Service (IMPS) ==
-An alternative to UPI is to use IMPS with phone number beneficiary. IMPS is actually the base layer on which UPI is built, and can be accessed in a platform-independent manner through Net Banking.
+An alternative to UPI is to use IMPS with phone number beneficiary. IMPS is actually the base layer on which UPI is built, and can be accessed in a platform-independent manner through Net Banking. Due to this, people who have activated UPI on their bank account would have automatically activated IMPS as well.
 IMPS used to require a full bank account number and IFSC code to make a transfer. However, in February 2024 <sup>[https://pavzi.com/imps-new-rules-2024-allowed-to-transfer-upto-5lacks-without-account-number/]</sup>, they added the option to pay using a phone number and bank name instead. This makes it more suitable for quick payments as people are more likely to remember their phone number than their account number (let alone IFSC code!). Now, if we know someone's phone number and their bank name, we can transfer using IMPS over Net Banking.