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How is UPI Different From IMPS? Know Details

How is UPI Different From IMPS? Know Details
Written by Zimmy

How is UPI Different From IMPS?: IMPS allows money to be transferred from sender to receiver. The transaction is initiated by the sender. UPI allows money transfers using push and pulls mechanisms. Transactions can be initiated by both the sender and the receiver. Multiple bank accounts can be linked together to one APP for money transfers. It is protected by two-factor authentication with a single click

What makes BHIM SBIPay different from other payment apps/solutions?

  • BHIM SBI Pay allows you to make payments whenever you want, 24X7 and all year.
  • By knowing their Virtual Payment Address (VPA), you can transfer funds to your friend/relative using your BHIMSBI Pay app.
  • The money receiver does not need to disclose his account number, IFSC Code, or other Banking details.
  • Online bill payments, recharges, and shopping are all possible. using your smartphones.

Is there a maximum transaction limit when sending or requesting money with BHIM SBIPay?

The maximum transaction amount after setting/resetting the UPI PIN will be Rs.5,000/. For the first transaction, the cumulative amount for 24 hours will be Rs.5,000/. The limit for transactions is Rs.1,00,000/day in BHIM SBIPay after 24 hours. Within the limit of Rs.1,00,000.00/-, you can only do 10 transactions per account in 24 hours.

What are the options for transferring funds using BHIM SBI Pay?

  • There are three options available:
  • Transfer via VPA/UPI ID
  • + IFSC Account Number
  • Scanning QR Code

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Zimmy

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