Deathsnatcher
IMPS enables customers to send money immediately between bank accounts by using MMID (Mobile Money Identifier) and mobile numbers. On the other hand, UPI is a more advanced system that enables seamless and real-time fund transfers through a single mobile application, eliminating the need for multiple banking apps
Correct me if I am wrong on the above.
Secondly, I understand that banks create awareness about things. But, shouldn’t there be checks for UPI transactions also? I checked that the transfer limit is applicable only on Internet banking(Neft/rtgs, imps etc) and there is no mention of UPI.
So awareness works only if you have tools to control the transactions. For eg, CC, where banks allow you to lock limits.