What you need to know about fund transfer remittances in India www.deekpay.com

Remittances are basically electronic money transfers initiated by one person to another. Now withIndia Mobile PaymentsThe rise of mobile apps like Paytm, Razorpay, Phonepe, Mobikwik, etc. on theUPIThe old-fashioned method of physically transferring funds from one person's bank account to another by means of cheques, cash deposits at banks, etc. has been completely eliminated by the facilitation of services such as online banking. SupportIndia Mobile PaymentsThe apps basically allow users to transfer money in various ways such as UPI, wallet-to-wallet transfers, bank-to-bank transfers, etc., making day-to-day transactions easier.

Since India went paperless, interest has shifted from cash payments toOnline Payment MethodsThe UPI service is a great way to send money, both online and offline. And, with the convenience and comfort of UPI services, remittances have become easier. According to the latest data from NPCI (National Payments Corporation of India), 2.21 billion transactions worth Rs 10 billion. Rs 3.91 billion took place in November 2020, while the value of transactions was Rs 2.23 billion. Rs 4.16 billion occurred in December 2020. It was recorded that in December 2020 UPI TradingThe value has increased by 1,05% compared to December 2019

Online Money Transfer Methods in India

Listed below are the various options available to users to transfer money online

NEFT

NEFT or National Electronic Funds Transfer is regulated by the Reserve Bank of India and is an electronic way of transferring funds online. Most Indian banks offer online and mobile banking on the NEFT Function. By means of the NEFT Money transfers made do not require any additional transaction fees. By NEFT Transactions carried out will be processed in batches. The Reserve Bank of India specifies the cut-off time for settlement of these transactions.

IMPS

The full name of IMPS is Instant Payment Service and it is a method of transferring funds from one bank account to another immediately. Banks allow transfers using IMPS through online and mobile banking platforms. As the name suggests, IMPS is very useful in case of instant money transfers, which are charged based on the transaction amount set by the bank.

RTGS

RTGS It stands for Real Time Full Settlement, which means that through this method, funds can be transferred from one bank account to another in real time without any delay. If you need to transfer an amount equal to or more than Rs.RTGS The best way to pay. 200,000 in real time. Unlike NEFT.RTGS does not follow any particular method of processing. Therefore, funds are settled in real time without any delay. Through RTGSThe process of transferring money is made easier and faster by the fact that every transaction is processed with every instruction.

UPI

Unified Payment Interface of India(UPI) is the latest method of transferring funds online from one bank to another. Introduced by NPCI (National Payments Corporation of India) and RBI (Reserve Bank of India), UPI remittances can be initiated without the need for complex bank account details from the recipient. The only information required to send money through UPI transfer is the UPI ID which acts as a virtual payment address and the UPI PIN which is a secure password used to confirm the transaction. The UPI ID and UPI PIN should be created at the time of signing up on the mobile payment app. Once the UPI account is created, the transfer process can be completed in a few clicks.

digital wallet

In order to remove the effects of demonetisation in the country, various digital wallets have been introduced to facilitate online transactions. Digital wallets have become very popular due to their multiple advantages. Transferring money through digital wallets is free of cost and easy and convenient with 24*7 unimpeded access.

Advantages of online money transfer

Here are a few advantages of sending money online

One of the main advantages of sending money online is that it provides easy access to cash, whereas banks take about 2-3 business days to transfer money from one account to another. Banks/financial institutions offering online money transfer facilities allow both international and domestic transactions. While most of the domestic transfers are free of cost, international transfers are chargeable. Online money transfer is one of the fastest ways to send money. Domestic money transfers in India can be done in just a day, while international transfers take a day or two. The process of executing and completing an online money transfer is the simplest and easiest as compared to other methods.

Notes on online transfers

To initiate an online money transfer, you have to download a mobile payment app like Paytm and create your account on the same. To start an online transaction, you will need the beneficiary's details such as his/her bank account number, bank branch, IFSC, etc. Some banks levy an online transaction fee which has to be borne by the remitter. It is important to ensure that all your online banking details remain confidential. Whilst online banking helps users in the long run, there is also a risk of fraud. Therefore, you must be careful with your passwords and bank account details.