What is the Difference among GooglePay, UPI, RTGS, IMPS or NEFT ?

Launched recently in 2018, Based on UPI, Google Pay is The Latest Payment Gateway Service offered with an extremely easy to use interface and least value restrictions as generally noticed in other payment methods. As on March 2019, This is The Most Favorite method adapted by bwindia patrons to transfer funds.

Launched in 2006, UPI is a payment framework, a machanism upon which various apps are being build by various banks and institutions for their customers. BHIM, Google Pay are also based on UPI

Introduced in 2010, IMPS (Immediate Payment Service) had beeen the most favorite of online funds transfer methods until UPI was introduced. You Can use it to transfer money to any other bank, anytime (24 X 7), any day (including Holidays or Sundays) and Funds Actually Get Transferred Instantly, within seconds.

NEFT or RTGS are Legacy, outdated yet widely used online funds transfer methods, Introduced way back in 2004-2005 both of them are still popular even though more efficient UPI based methods are available today in 2019.

NEFT takes around 2-4 hours to actually transfer funds while RTGS does it almost instantly, but only within Working hours and does not operate on holidays. Generally, NEFT is used for Values up to 2 lac and RTGS for values above 2 lac.