Is UPI and IMPS the same?

No, UPI and IMPS are not the same, though UPI is built on the IMPS infrastructure. Both are real-time payment systems developed by the NPCI. Key differences include:

• UPI uses a Virtual Payment Address (VPA) or QR code, whereas IMPS requires an account number and IFSC or MMID.
• UPI is primarily a mobile-first platform, while IMPS is accessible via net banking, ATMs, and SMS.
• UPI generally has a transaction limit of 1 lakh, while IMPS often allows higher transfers up to 5 lakhs.