IMPS is an immediate payment service provided by banks that allows for real-time interbank funds transfers at any time, including holidays and weekends. It aims to make electronic funds transfer easy and convenient for customers. Some key advantages of IMPS include real-time transfers, 24/7 availability, and convenience of using only a mobile number for transfers. Electronic funds transfer (EFT) refers to digital transfers of cash through online payment systems like ACH, wire transfers, or credit/debit cards. EFTs allow for cheaper and safer transfers compared to traditional methods.

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IMPS & EFT
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2. Immediate Payment Service (IMPS) is a service provided
by banks to ensure real-time interbank funds transfer.
Unlike NEFT, funds can be transferred on any day of the
week including holidays and weekends using IMPS.
IMPS aims to make electronic funds transfer easy and
convenient for customers and to support the RBI’s goal
of electronification of retail payments. IMPS has built
the foundation for a full range of mobile banking
services.
Immediate Payment Service
(IMPS)

3. Advantages of IMPS Payments
1.Real-time: IMPS allows for instant, real-time money transfers. This means that the money
is transferred and credited to the recipient’s account in a matter of minutes, rather than hours
or days.
2.Available 24/7: IMPS is available 24 hours a day, 7 days a week, including holidays. This
means you can transfer money at any time, without having to worry about bank working
hours.
3.Convenient: With IMPS, you can transfer money using just the recipient’s mobile number,
and a unique identification number called an MMID (Mobile Money Identifier). This eliminates
needing to know the recipient’s bank account number or IFSC code.
4.Secure: IMPS uses two-factor authentication and a one-time password to ensure the safety
of your transactions. This provides a high level of security for your funds.

4. Disadvantages of IMPS Payments
1. Limited transaction amount
Transactions are limited to a maximum of INR 5,00,000.
2. Not all banks support IMPS
Not all banks in India support IMPS, which limits its utility.
3. Security concerns
As with any electronic fund transfer service, there is a risk of fraud
and hacking, which can lead to security concerns for users.
4. Service availability issues
In some cases, the service may not be available due to technical
issues or maintenance.

5. Electronic Funds Transfer (EFT)
An electronic funds transfer (EFT) is a digital transfer of cash
through an online payment system. An EFT can be
performed within the same bank, or between banks, and
typically uses payment systems such as the Automated
Clearing House for ACH payments, Fedwire or SWIFT for
wire transfers, or credit card and debit card networks.
EFTs are becoming increasingly common in B2B payments
as many businesses shift from traditional paper checks
towards more efficient and lower-cost epayment methods
such as ACH.

6. Cheaper and safe
Traditional money transfer is more expensive because of the bank fees charged.
It also eliminates any chances of you losing your money through fraud.
You don’t have to use a credit or debit card
If you want to pay for something, you can do it directly from your phone or pay
using an electronic check conversion.
You can organize automatic payments
If you have monthly subscriptions, it can be easy for you to forget to pay for them
every month. Electronic money transfer allows the business person to bill money
directly from your account without you doing anything.
They don’t need a hold on your funds
You do not have to wait for any money to clear before claiming or using your
money.
ADVANTAGES OF EFT

7. DISADVANTAGES OF EFT
You must have the money immediately
To transfer money electronically or pay for something, you need to have
the money with you, unlike when you use a credit card.
You don’t get a canceled check
After making payments using electronic money transfer, you do not get a
canceled check from the bank, so you have to look at your statements to
ensure it was the right transaction.
Some EFTs have to be reported to the government
If you want to transfer over $10,000, the transaction has to be reported to
the International Revenue Service in the US.

8. What is e-Commerce
• Electronic commerce, commonly known as e-commerce or
eCommerce, is a type of industry where the buying and selling
of products or services is conducted over electronic systems
such as the Internet and other computer networks
• Ecommerce allows consumers to electronically exchange
goods and services with no barriers of time or distance.
• Electronic commerce has expanded rapidly over the past five
years and is predicted to continue at this rate, or even
accelerate.

9. Types of e-Commerce
• B2B (Business-to-Business)
Companies doing business with each other such as
manufacturers selling to distributors and wholesalers selling
to retailers. Pricing is based on quantity of order and is often
negotiable.
• B2C (Business-to-Consumer)
Businesses selling to the general public typically through
catalogs utilizing shopping cart software. By dollar volume,
B2B takes the prize, however B2C is really what the average
Joe has in mind with regards to ecommerce as a whole.

10. • C2B (Consumer-to-Business)
A consumer posts his project with a set budget online
and within hours companies review the consumer's
requirements and bid on the project. The consumer
reviews the bids and selects the company that will
complete the project
• C2C (Consumer-to-Consumer)
There are many sites offering free classifieds, auctions,
and forums where individuals can buy and sell thanks to
online payment systems like PayPal where people can
send and receive money online with ease

11. Pros Of E-Commerce
• Gain New Customers with Search Engine Visibility: as internet is
spread worldwide it has become easy for small businesses to
gain worldwide visibility
• Lower Costs: as there is less need to acquire physical space as
shop the investment is reduced to certain extent
• Eliminate Travel Time and Cost: here comes the convenience of
the customers they can easy chose from wide range of goods
available online.
• Provide Comparison Shopping: there is a huge variety of goods
to compare the goods online on basis of price as well as quality
• No Need to Handle Currency Notes: best thing about is that
there is no need to spend cash transaction can be done in
various ways such as debit card, credit card, net banking etc

12. Cons Of E-Commerce
• Lack of Personal Touch: I miss the personal touch and
relationship that develops with a retail store. In comparison,
ecommerce is far more sterile.
• Security Issues: Although all the big e commerce sites are
providing great securities still hackers always find their way
through
• Delay in Receiving Goods: the actual receiving of goods can
differ as it could take long time to actually receive goods
• Multiplicity of Regulations and Taxation: Regulators are still not
clear about the tax implications of ecommerce transactions.
• Expense and Expertise Needed for Ecommerce Infrastructure:
Substantial information infrastructure is required to run an
effective ecommerce website.