India, or should I call it Digital India, is evolving with each day passing by when it comes to technology. As the Internet evolved, so did smartphones, which ultimately helped us make many things super easy. From the old barter system to trading via gold and silver coins to even paying in cash, we are in the era where if we have our smartphone, transactions can be made within a fraction of a second with a UPI payment.
Look around you. Tell me, who is not dependent on UPI? Even a small-time vendor to a big businessman relies on it. With a goal towards becoming a cashless economy, our country is undoubtedly changing for the better.
What is UPI?
Produced by the NPCI (National Payments Corporation of India), UPI is a real-time payment platform that supports online money transfers between bank accounts via a single application. With just a few taps on your internet-enabled smartphone, you can quickly recharge your mobile, pay electricity bills and transact money online via the UPI payment gateway. Furthermore, it is simple, free to use and can be done round the clock.
What are the benefits of UPI?
You only need to download one UPI application, which can be used for different bank accounts. Just link all the accounts to your app. Personally speaking, I’ve been using the Bajaj Finserv application for digital payments, and I consider it one of the best UPI app. From my electricity bill to even property tax, everything is done via this platform only.
Instant Transfer 24×7
When you opt for UPI payment, the amount is instantly transferred and can be done at any time of the day. Moreover, it is faster than NEFT (National Electronic Funds Transfer) and IMPS (Immediate Payment Service).
Nobody pays small amounts such as Rs 10 or Rs 20 via a debit or credit card. This is where the UPI steps in. Just scan the QR code at a tea shop, and you both are good to go.
Every UPI application out there is obviously competing with each other to attract more and more consumers. So to lure individuals, giving rewards such as cashback and coupons for every transaction is the best way for them. And it truly works!
UPI Pay later
This means one can easily spend over and above the bank balance on a UPI application by opting for PayLater. Furthermore, the dues can be cleared conveniently within a stipulated period and at a reasonable interest rate.
Is UPI safe?
One of the safest methods to pay anywhere is the UPI payment methods. Furthermore, what enhances its security levels are features such as merchant authentication and two-factor authentication.
Once you start transacting digitally, there is no going back. This is because loads of pros that come with it enable people to use it more often and almost every time. So, honestly, when was the last time you paid in cash?