A Digital Payment (or electronic payment) is a financial transaction where funds are transferred electronically from one party (the payer) to another (the payee) without the use of physical cash or checks.
These payments are facilitated by various digital channels, devices, and secure payment networks, offering speed, convenience, and traceability for transactions conducted online, in-person, or peer-to-peer.
Unified Payment Interface (UPI): A real-time payment system (prevalent in India) that instantly transfers funds between two bank accounts using a mobile platform. It uses a Virtual Payment Address (VPA) instead of account numbers.Immediate Payment Service (IMPS) / Real-Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT): Banking services that facilitate transfers between different bank accounts, offering varying speeds from real-time (IMPS/RTGS) to batch processing (NEFT).