Mobile wallets and payment systems now offer credit card bill payment options on their platforms, and the ability to transfer funds wherever we desire. Google Pay, Paytm, and PhonePe are some of the popular platforms that provide online transfer facilities with no separate registration. One has to just download the app, link them to your credit card or savings account, recharge your mobile wallet, enter the transfer details, and make the transfer.
Apart from Paytm, Google Pay, PayPal, and BHIM, there are primarily three ways we can transfer money:
NEFT: Regular Transfer, Available 8 AM - 6:30 PM on RBI Working Days. National Electronic Funds Transfer (NEFT) is internet banking payment option for making any bill payments and transfer funds to any other bank account. The NEFT facility enables you to transfer funds from your savings account to anywhere you desire. This facility is India’s widely remittance service.
RTGS: Minimum 2 lakh, Available 7 AM - 6 PM on RBI Working Days. RTGS is the short form for Real Time Gross Settlement, and it is a system in which there is a continuous and real-time settlement of fund transfers individually, it's on a transaction by transaction basis without netting. The term 'Real Time' refers to the processing of instructions at the time they were received, and 'Gross Settlement' refers to the settlement of funds transfer, instructions that occur individually.
IMPS: Instant Transfer up to 2 Lakh, Available 24X7 365 Days. IMPS is a short form for the Immediate Payment Service. This is an internet banking system, which instantly transmits and receives funds among various banks and to individuals electronically. It’s one of the popular internet banking methods for making credit card bill payments, transfer of funds, and can be accessed through mobiles, Automated Teller Machines (ATMs), online banking or internet banking, bank branches, and SMS. There’s 100% assurance of safety while making transfers/payments, and economical as well.