The contemporary payment methods, such as digital wallets and online banking, have significantly transformed the way funds are transferred between individuals and businesses.
The article from Business Today discusses various digital payment methods in India, detailing how UPI, UPI Lite, NEFT, and RTGS work, along with their differences, charges, and transaction times. UPI (Unified Payments Interface) allows instant money transfers between bank accounts using a mobile app, with no charges for transactions up to Rs 1 lakh, and transactions are processed in real-time. UPI Lite is designed for small-value transactions up to Rs 200, enabling offline payments without real-time bank interaction, which reduces transaction failures. NEFT (National Electronic Funds Transfer) facilitates one-to-one funds transfer, available 24/7, with no minimum or maximum limit, and transactions are settled in batches with no charges for transactions up to Rs 1 lakh. RTGS (Real Time Gross Settlement) is used for high-value transactions above Rs 2 lakh, processed individually and in real-time, with a fee of Rs 2 lakh to Rs 5 lakh costing Rs 25, and above Rs 5 lakh costing Rs 50. The article highlights the convenience, speed, and cost-effectiveness of these digital payment methods, aiding consumers in choosing the right option for their needs.
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