1. UPI (Unified Payments Interface) – India
UPI is one of the most advanced digital payment systems, allowing instant bank-to-bank transactions using a mobile number or UPI ID. It’s widely used for retail and business payments in India.
2. IMPS (Immediate Payment Service) – India
IMPS enables instant interbank electronic fund transfers, even on weekends and holidays. It is commonly used for transferring money using mobile banking apps.
3. NEFT & RTGS – India
NEFT (National Electronic Funds Transfer) is a batch-processed system for transferring money, while RTGS (Real-Time Gross Settlement) is for high-value transactions processed individually in real time.
4. ACH (Automated Clearing House) – USA
ACH is the backbone of direct deposit and bill payments in the U.S., enabling bank-to-bank transactions for payroll, utilities, and subscriptions.
5. SWIFT (Society for Worldwide Interbank Financial Telecommunication) – Global
SWIFT is a messaging network used for international wire transfers between banks across different countries.
6. SEPA (Single Euro Payments Area) – Europe
SEPA facilitates seamless bank transfers across European countries using a standardized system.
7. FPS, BACS, and CHAPS – UK
- FPS (Faster Payments Service): Enables near-instant payments between UK banks.
- BACS (Bankers’ Automated Clearing System): Used for direct debits and credit transfers, usually taking 2-3 business days.
- CHAPS (Clearing House Automated Payment System): Used for high-value, time-sensitive transactions in the UK.
8. IBAN (International Bank Account Number) – Global
IBAN is a standardized bank account number format used for international transactions, ensuring accuracy in cross-border payments.
9. BBPS (Bharat Bill Payment System) – India
BBPS is a one-stop platform for bill payments in India, covering utilities, telecom, education, and more.
10. PIX – Brazil
PIX is Brazil’s instant payment system, enabling real-time money transfers via QR codes, phone numbers, or email.
11. NPP (New Payments Platform) – Australia
NPP allows fast and flexible payments between banks in Australia, supporting businesses and individuals.
12. INTERAC – Canada
INTERAC e-Transfer is widely used in Canada for sending money via email or phone number, making transactions easy and secure.
13. Zelle & FedNow – USA
- Zelle: A fast, person-to-person payment system integrated into many U.S. banks.
- FedNow: A new instant payment system launched by the U.S. Federal Reserve for real-time settlements.
Here’s a table with abbreviations used globally for UPI and net banking payments along with their full forms:
| Abbreviation | Full Form | Region/Usage |
|---|---|---|
| UPI | Unified Payments Interface | India |
| IMPS | Immediate Payment Service | India |
| NEFT | National Electronic Funds Transfer | India |
| RTGS | Real-Time Gross Settlement | India & Global |
| ACH | Automated Clearing House | USA |
| EFT | Electronic Funds Transfer | Global |
| SWIFT | Society for Worldwide Interbank Financial Telecommunication | Global |
| SEPA | Single Euro Payments Area | Europe |
| FPS | Faster Payments Service | UK |
| BACS | Bankers’ Automated Clearing System | UK |
| CHAPS | Clearing House Automated Payment System | UK |
| IBAN | International Bank Account Number | Global |
| BBPS | Bharat Bill Payment System | India |
| RTP | Real-Time Payments | USA & Global |
| PIX | Instant Payment System | Brazil |
| BECS | Bulk Electronic Clearing System | Australia |
| NPP | New Payments Platform | Australia |
| INTERAC | Interac e-Transfer | Canada |
| Zelle | Zelle Instant Payment | USA |
| FedNow | Federal Reserve Instant Payment System | USA |
Let me know if you need more details! 🚀