UPI Vs NEFT: UPI is quite different from NEFT in transactions, understand the differences and benefits in simple language..

Technology has made our lives easier to a certain extent. Now we can do many things easily with the help of technology. Even where earlier we had to go to the bank to do transactions, now we can easily do this work sitting at home. When it comes to online transactions, the first attention goes to UPI and NEFT.

With both these modes we can easily transfer funds. Both these modes of transactions are quite different from each other. Let us understand in detail the difference between these two modes and their benefits.

About UPI
Today we use Unified Payment Interface (UPI) for everything from grocery to big shopping. We can easily do mobile recharge, electricity bill payment, etc. through UPI. In August 2016, the National Payment Corp of India (NPCI) launched UPI. UPI is a system in which multiple bank accounts can be linked to a mobile app.

Today UPI has brought a revolution in the field of digital payment. People like this payment transfer system a lot because of the feature available for fund transfer along with banking features. UPI works on the Immediate Payment Service (IMPS) platform. This service is available 24X7. This means that users can easily make UPI payments anytime, anywhere.

Benefits of the UPI app
Now the question comes, what are the benefits of making payments through the UPI app? Below we have explained the benefits of UPI:

You can easily make UPI payments anywhere, anytime, any number of times in a snap.

UPI apps have 2-factor authentication to prevent fraud.

With the help of UPI ID, you can easily transfer funds to any bank account.

You do not need to give personal details for transactions with UPI.

In UPI apps, you can link multiple bank accounts apart from one. This means that separate apps are not required for each account.

You can easily make payments through QR codes for online and offline payments.

Fund settlement is done immediately in UPI. There is no need to wait for fund settlement.

If there is any complaint, then there is no need to go anywhere for that. Complaints can be easily made on UPI apps.

About NEFT
National Electronic Fund Transfer (NEFT) was started by the Reserve Bank of India (RBI) in November 2005. This is also a kind of payment system that has been implemented all over the nation. It was also started to make payments as soon as possible. Through NEFT, you can easily transfer funds from one bank to another.

To avail of the NEFT service, your bank account should be in any bank in India. This service is useful only on working days. There is no limit for minimum and maximum amount in NEFT service. This means you can transfer any amount.

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