The days when people were more and more dependent on cash are way behind us. Forget cash, people don’t even prefer to carry their wallets with them nowadays. Their simple internet-enabled smartphone is more than enough for them.
Nowadays, it is a well-known fact that wherever we go, we carry our smartphones with us and at every place, every vendor/shopkeeper readily accepts a UPI payment. Be it a tea vendor or a supermarket owner, everyone is accepting these payments. This has made several tasks easy for them as it saves their trip to their financial institution!
What are UPI payments?
Unified Payments Interface (UPI) payment is a digital payment system in our country that allows users to transfer money instantly between bank accounts using an internet-enabled smartphone.
A government-backed platform, it enables users to link multiple bank accounts to a single app, which can be used to make and receive payments. Moreover, this payment method is way too fast, secure and can be accessed round the clock.
What are its benefits?
● Instant Transfer
A UPI payment is based on the IMPS platform, so it works 24×7 and enables the user to make payment at any time of the day. Moreover, it does not require any registration for making a payment, just enter the beneficiary details and make the payment without any hassle.
● Small Transactions
Before UPI came into existence, did you ever use your debit/credit card to pay Rs 10 or Rs 20? No, right? However, UPI has changed the game, and one can even pay Re 1 with it easily.
All the UPI apps compete with each other in order to capture the maximum number of customers. For example, I use the Bajaj Finserv application, and believe me, it offers cashback on every transaction.
This feature allows one to 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 rate of interest.
Which application is the best for UPI payments?
Nowadays, people keep a lot of applications on their smartphones for various purposes. However, it is best to use a single application that cuts all the hassle. Earlier, I used Google Pay and PhonePe, but one of my associates told me about Bajaj Finserv. Believe me, once you start using this application, you will not look anywhere else. This is because it is an all-in-one platform.
If you are still making cash payments and relying on them, you need to think again. UPI payments are the present as well as the future, and once adopted, there is no going back. Overall, UPI payments are a convenient and secure way for users to manage finances and make transactions quickly and easily.