UPI payments have become the most prevalent mode of payment today because of its user-friendly interface and instant payout facility. It has made online platforms a reliable method of payment. Users have started trusting online transactions way more than they used to, thanks to UPI!
It has reached many people quickly because of its accessibility and convenience. Today, over 50% of payments are made through UPI in India, making it a successful and massive initiative.
What are UPI Payments?
These are the online payments made through an app that connects different bank accounts under one application, making it an umbrella entity. It also provides the option of UPI Pay Later, wherein you can buy the product before actually paying for it instead of scheduling a pay later option.
These apps have made life easier with the plethora of facilities they offer. You can be in the comfort of your home and perform all the activities like shopping, paying bills, and even investing and seeking credit!
5 Valuable Real-Time Payment lessons from India’s highly successful UPI:
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Cashless transactions
It has sidelined cash payments and encouraged people to go cashless, promoting the Digital India campaign and boosting transparency. It is a trusted transfer method as the Central Bank of India regulates it.
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Availability and Resilience
These UPI Payment apps have proved to be resilient and available throughout. Even if a transaction gets stuck, either the amount gets credited to the account or gets deposited where it was intended in the first place. It is incredibly accessible as it is easy to understand and use.
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Interoperability
All UPI QR codes are compatible with CBDC(Central Bank Digital Currency) apps. It allows PPI issuers, system providers, and system participants in different systems to undertake, clear, and settle payment transactions across systems without participating in multiple systems.
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Inclusive Finance
It has enabled financial inclusion like never before. Even the vendors today are using UPI Payment apps for making transfers! The subsidy transfer has become easy through Direct Benefit Transfer(DBT), only with the help of UPI-linked bank accounts.
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Security
The transaction ecosystem has been built keeping in mind the customer, focusing on easy operation, understanding, and making it efficient in real-time. The app is secured with a face recognition or a one-time password (OTP) mechanism. Your UPI PIN is the most critical security measure to protect your transactions.
Which are the most successful UPI Apps in India?
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Bajaj Finserv
I have regularly used the Bajaj Finserv UPI app, as it is highly efficient and user-friendly. You can link your account by downloading the Play Store or App Store app. It also provides features like adding multiple bank accounts, cashback offers, and e-commerce payments.
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GooglePay
It is also an e-wallet and has all the features mentioned above. It is easy to operate and handles transfer traffic efficiently, safely, and securely.
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Paytm
Using the UPI on Paytm, you can perform direct bank-to-bank transfers in a completely safe environment. It requires very little information and will be ready for payment after authentication.
Conclusion
UPI currently is the biggest among the National Payments Corporation of India(NPCI) operating systems. It is only going to improve and expand in the coming times. Therefore, switching to UPI app is advisable as its utility will increase, making the fund transfer process even more accessible and reliable.
