Getty Images1) Unified payment interface (UPI) transaction is a direct bank to bank transfer whereas digital wallets act like intermediaries between bank accounts.
2) UPI uses virtual payment address and identity whereas digital wallets use mobile number.
3) UPI transaction limit is Rs 1 lakh per transaction while the wallet transaction is limited to Rs 10,000 per month for non-KYC customers.
4) UPI transactions can take place between any two banks whereas digital wallets transactions occur between two accounts in the same digital wallet app.
5) UPI allows future transactions, whereas, digital wallets are for instant transactions.
(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
2) UPI uses virtual payment address and identity whereas digital wallets use mobile number.
3) UPI transaction limit is Rs 1 lakh per transaction while the wallet transaction is limited to Rs 10,000 per month for non-KYC customers.
4) UPI transactions can take place between any two banks whereas digital wallets transactions occur between two accounts in the same digital wallet app.
5) UPI allows future transactions, whereas, digital wallets are for instant transactions.
(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)