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Difference Between IMPS and UPI

IMPS is an abbreviation for 'Immediate Payment Service'. It is an instant interbank electronic fund transfer service that helps you access your bank account and transfer funds immediately and securely.

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 IMPS and UPI as listed in the following table which would help you choosing between the two:

IMPS Vs UPI

Basis of DifferenceIMPS (Immediate Payment Service) UPI (Unified Payment Interface)
DefinitionThe system of an instant real-time inter-bank electronic funds transfer in India
Vs
The system of instant fund transfer between two bank accounts on the mobile platform
Fund Transfer Limit (Rs.)2 Lakh per day
Vs
1 Lakh per day
Required DeviceInternet, Website & Application
Vs
Internet & Smartphone
Information RequiredAccount Number & IFS Code/ MMID
Vs
VPA of recipient & MPIN
Fund Transfer TimeInstant
Vs
Instant
Fund Transfer to abroadYes
Vs
No
Beneficiary Registration
Required
Yes/ No, if using Mobile Number & MMID
Vs
No
24 X 7 Money TransferNo
Vs
Yes
Cost of Fund TransferRs. 5 to Rs. 15 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