Difference Between RTGS and UPI

RTGS is an abbreviation for 'Real Time Gross Settlement'. RTGS can be defined as specialist funds transfer system to transfer the money from one bank to another on continuous (real-time) and gross settlement basis.

UPI (Unified Payments Interface) is a payment system launched by National Payments Corporation of India. Using UPI, customer can pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.

There are many differences between RTGS and UPI as listed in the following table which would help you choosing between the two:

RTGS Vs UPI

Basis of DifferenceRTGS (Real Time Gross Settlement) UPI (Unified Payment Interface)
DefinitionThe system of electronically transfer of funds from one bank or bank branch to another bank or bank branch where the fund trasfer takes place on a real time basis
Vs
The system of instant fund transfer between two bank accounts on the mobile platform
Fund Transfer Limit (Rs.)2 Lakh and above
Vs
1 Lakh per day
Required DeviceInternet, Website & Application
Vs
Internet & Smartphone
Information RequiredAccount Number & IFS Code
Vs
VPA of recipient & MPIN
Fund Transfer TimeReal time, usually within 30 minutes
Vs
Instant
Fund Transfer to abroadYes
Vs
No
Beneficiary Registration
Required
Yes
Vs
No
24 X 7 Money TransferYes
Vs
Yes
Cost of Fund TransferRs. 30 to Rs. 55 plus taxes
Vs
Free
Alert sent after money
collection
No
Vs
Yes
Payment gateway
involvement
Yes
Vs
No
Banks offering payment
method
Almost all banks in India
Vs
21 Banks
E-Commerce transactionsYes, possible
Vs
Not possible

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