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On 26 November 2012 Prime Minister Manmohan Singh launched an Aadhaar-linked direct benefit transfer scheme. The project aimed to eliminate leakages in the system by directly transferring the money to the bank account of the recipient. The project was to be introduced in 51 districts on 1 January 2013 and then slowly expanded to cover all of India.
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. [1] It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking.
Unified Payments Interface, commonly referred to as UPI, is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
Aadhaar: Send money to the bank account mapped using Aadhaar number. Once the fund transfer is initiated, money is debited from payer's bank account and deposited in the recipient's bank account in real-time.
What Is the Fastest Way to Send Money? Zelle offers instant bank transfers for free. For a fee, you can typically do instant transfers via other money transfer service options like PayPal and Venmo.
Now you can send money — to your friend across the table or your relative across the globe — through money transfer apps on your phone. Payment apps are convenient and popular.
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