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:
There are many differences between NEFT and UPI as listed in the following table which would help you choosing between the two:
RTGS Vs UPI
| Basis of Difference | RTGS (Real Time Gross Settlement) | UPI (Unified Payment Interface) | |
|---|---|---|---|
| Definition | The 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 Device | Internet, Website & Application | Vs | Internet & Smartphone |
| Information Required | Account Number & IFS Code | Vs | VPA of recipient & MPIN |
| Fund Transfer Time | Real time, usually within 30 minutes | Vs | Instant |
| Fund Transfer to abroad | Yes | Vs | No |
| Beneficiary Registration Required | Yes | Vs | No |
| 24 X 7 Money Transfer | Yes | Vs | Yes |
| Cost of Fund Transfer | Rs. 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 transactions | Yes, possible | Vs | Not possible |