The present era is characterised by a significant level of digitisation and speedy transmission of literally everything around us. There was a time when matters related to the government organisations and various processes, were deemed to consume a lot of time and effort of an individual, owing to red tapism and bureaucracy. This is why individuals used to avoid many transactions. However, with the advancement of time, new technology and reforms have seeped in the system, making it easier than ever before for individuals to conduct transactions, make payments and receive funds. It is only a matter of time before the entire economy would fall under the correct purview of digitisation and reap the gains of instant transactions for people all over India. Although digitisation has manifested itself in a large way in most urban areas, the rural areas of India are yet to benefit largely from the pros of digitisation. Nevertheless, ardent efforts are being made and decent technology is being introduced to make this dream come true and offer the rural population with a way to ease their lives a bit.
In the wake of digitisation, one of the most popular payment methods that took an upswing for conducting even the tiniest financial transactions are NEFT and IMPS. These terms, which were almost unknown and unclear to most people until some time back, are now being brought into use on a daily basis and being converged with regular terms among people.