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Three Reasons to Use UPI for Payment

Due to the feasibility and usefulness of Digital Payments, it has witnessed a significant surge in recent years. Not only this, but another reason for the same is that the penetration of internet-enabled devices has also increased. It is a well-known fact that to make a UPI payment, one needs a smartphone. Look around you, do you see any person without one?

Gone are the days when people used to travel with cash and get worried if, by chance, they forgot it back at their residence while travelling. Do people really need to carry a wallet with them in 2022? From your essential documents such as a Driving license, Aadhar Card etc., to money, your smartphone has everything in this digital era.

Also, another feature of UPI is UPI pay later, which is one of the best things when going through a financial crunch.

What is UPI?

UPI (Unified Payment Interface) is a real-time payment platform produced by the NPCI (National Payments Corporation of India). It supports online money transfers between bank accounts via a single application. So, with just a single tap on your smartphone, you can quickly recharge your mobile, pay your electricity bills and transact money online. Moreover, it is simple to use, instantaneous and free of charge. You can make a UPI payment at any time, anywhere.

What are the top three reasons to use UPI for payment?

1. UPI Pay later

We often find ourselves in a situation where we run out of funds. This is where the scheme of pay later steps in. It means you can easily spend over and above your bank balance and conveniently clear your dues within a stipulated period and at a reasonable rate of interest.

2. 24×7 Instant Transfer

A payment via UPI is done instantly and is available round the clock. Notably, it is faster than both NEFT (National Electronic Funds Transfer) and IMPS (Immediate Payment Service) as technically, NEFT can take up to 12 hours for money transfer, and IMPS has at least around 30 minutes of waiting period for IMPS registration. However, UPI, on the other hand, is available on the go.

3. Universal

A single UPI app can be used for various bank accounts. One simply needs to link multiple bank accounts to the UPI-based application. Here, you can use any bank account to make payments because all the accounts can be accessed from a single platform.

Also, all the UPI applications in the market compete with each other to capture the maximum number of consumers. To lure more and more consumers to their platform, they offer cashback and rewards after every UPI payment.

However, it’s been around six months that I’ve been using the Bajaj Finserv application for all my digital payments. So many people tend to download various apps for various kinds of payment, which is inconvenient. It’s preferable to always keep a single platform for every payment so that you can keep a track record of the same with just a single tap.

Meanwhile, features such as two-factor verification and merchant authentication enhance the security level of a UPI payment. Therefore, as per the NPCI, it is the most secure platform for cashless transactions.

Shehad

Blogger By Passion, Programmer By Love and Marketing Beast By Birth.

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