Money Transfer Modules
Jan 27, 2022 - 6 MINS READ
Different Types of Money Transfer Modules
We are living in the 21st century where technology has emerged as the prominent mode of executing tasks. Technology has upgraded almost every industry be it banking or the industrial sector. With technology, the methods of transferring money by cash, cheque, bank draft, etc are dawning. Because nowadays, transferring money between cities, states, and even countries has become faster, more effective, and more convenient with electronic methods of money transfers. However, if you are concerned about the cost of transferring money, there are inexpensive ways of transferring money, and the cheapest method may vary depending upon your circumstances.
The world which we live in has seen many changes in its history of payment modules, ranging from a time when in the name of payments, the barter system was practiced, which was later changed to currency exchanges through cash and coins. Now as we live in a technically advanced world, different payment modules have emerged that have made the process of transferring money quite easier when compared to the early times.
In the early times, if any person wanted to send money from one place to another, they would have to physically travel a long distance to pay the receiver in cash. Thus, this would make the transfer of payments extremely difficult. But, in the current time, the environment has drastically improved, with the introduction of the internet. Nowadays everything has found its online presence, and the same can be said for payment systems. The new and innovative methods of online money transfer have substantially helped the world in saving time and resources. This has also made it possible for international transfers to take place. With the implementation of online technology, now money can be transferred from one end of the world to another with just a few clicks on buttons.
The services of international money transfers are not limited to just banks, but also can be provided by other sources too. You can get it done at lower costs and at a faster pace. A money transfer can be interpreted as an electronic transfer of money, that gets initiated by one person to the other. With the different online methods that have come into play for money transfers, the traditional methods of physically transferring money through cheques and cash have been almost completely diminished. Your bank may provide you with different facilities of transfer money like wire transfer through which you can easily transfer money to a different city, state, and even country. But as technological money transfers are very useful and can be accessed from the comfort zone. Many peoples prefer online money transfers. But what are the different types of money transfer modules? Let’s know it in the blog.
NEFT can be said as the national electronic fund transfer. And it’s the simplest form of transferring money from one bank to another between states, cities, and countries. For transferring money through NEFT, you only need to have two things in your mind the account number of the person to whom you transferring the amount. And another thing you should know is the IFSC code of the bank. With NEFT, there is no charge for transferring the money. But banks may set up the limit of transferring a limited amount only.
RTGS or read-time gross settlement is also somewhat similar to NEFT, but the minimum payment and how it credits to the destination account differs. If you wish to transfer a huge amount to the destination account, then this method is very popular. Also, there is no upper limit on transferring the amount. That’s why it’s slightly different from the NEFT money transfer module. It happens mostly on a real-time basis only.
IMPS or immediate payment service is the instant money transfer module that can be used anytime. If you want to know IMPS more simply, then you can add the services and facilities of RTGS and NEFT. But with this module, you can only transfer a limited amount and that too is very low. The amount limit is very low for avoiding fraud complaints. Here you don’t need any kind of information just the account holder’s IMPS ID and his/her mobile number are useful to transfer the amount. You can transfer money 24*7 with IMPS but RTGS and NEFT are available for transferring the amount only during the working days and for a few hours on Saturdays.
UPI is the unified payment interface is that money transfer module through which the amount will be transferred with a mobile phone with the VPA virtual payment address. Through UPI, you don’t need any kind of bank details because through UPI you can make a money transfer just with the mobile number and name of the receiver. There are many UPI-based apps available through which you can initiate money transfer 24*7.
ULIS FinTech offers financial technology solutions with great expertise all around the world and it takes pride in its over-the-top IT infrastructure and naturally embedded, skillful, and qualified team of professionals that continue to provide you with top-quality services. To know more about the different kinds of digital payment methods and how you can implement them for your business, you can visit us at www.ulisfintech.com where you would get an overview about different kinds of services such as E-wallets, Digital Onboarding, Cash-back Managements, Mobile money Wallets, et cetera. You can also reach us through firstname.lastname@example.org where all your finance technology-related queries would be attended to, and you would get the solutions to all your problems.