IMPS

IMPS stands for Immediate Payment Service. It is run by the National Payments Corporation of India (NPCI) and sends money from one bank account to another instantly, at any hour, including holidays.

Up to 5 lakh rupees per transaction, after NPCI raised it from 2 lakh rupees in 2021. Your bank may set a lower daily limit, so check your app.

Both are instant and run by NPCI. The difference is how you pay: UPI uses a UPI ID or QR code and a UPI PIN, while IMPS usually needs the account number and IFSC through your bank's app or net banking.