The technological advancements in the banking sector have aligned quite beautifully with the cashless revolution. The entire world is going through the transition of becoming a digital economy. New ways are being explored to eliminate the need for physical money bills. UPI or Unified Payments Interface is a remarkable example of these efforts. A UPI app or Unified Payment Interface as the name suggests is a platform to integrate all your payment channels in one place and offer quick and seamless payment facilities to the users.
A UPI app can be identified as a super app in a lot of ways. It not just acts as a platform to transfer or receive money from other users, but also assists in carrying out merchant transactions, paying utility bills, getting insurance, recharging your phones, etc. The features offered by a UPI mobile application are endless.
UPI: Something for Everything
A UPI application is not just beneficial for the day-to-day users. It offers something unique to all its stakeholders. Let’s find out in detail:
UPI Benefits for Customers
The main benefactor of an UPI app is the customer.
• Round-the-clock service: Earlier, customers had to go to the bank for a money deposit or money transfer. Even in recent times, customers resorted to NEFT or IMPS transactions to send money. These systems do work but take more than 2 hours for the transfer to reflect in the beneficiary’s account. The UPI system has really fast-forwarded the process and has made it available round the clock. It doesn’t matter if your bank has ended the operations for the day, the UPI applications will still function normally. All you need is a good internet connection.
• Efficient and easy transactions: One can transfer big sums of money within seconds in just a few clicks. It truly is remarkable how fast and easy the process of money transfer has become!
• Tracks transactions: The applications also track the history of transactions a user makes through the day, week, or a month. History is easily accessible. It contains the exact time of transaction, name of the person it was transferred to or received from, the amount sent/received, and a unique transaction ID.
• Manage multiple accounts: Customers have the option to add and manage multiple accounts in the UPI app. They can also check the bank balance of each account within a few moments.
• Safe and secure: Safeguarding the customers’ transactions and banking details is always the topmost priority of any financial institution. As mentioned above, every customer gets a unique identification number. Therefore, a user doesn’t have to share his/her credentials like account number, IFSC code, etc., to do a simple transaction. The virtual ID is more than enough to identify a user and engage in a transaction.
Any failed transaction complaint can also be raised directly from the application. Customer service is quite prompt too.
UPI Advantages for Merchants
The UPI system has opened a new market for merchants, big and small. The merchants who don’t have a swiping machine system in place can now tap the potential customers due to UPI applications. As of 2021, over 41% Indians prefer to use digital payment methods for payment. The merchants can really grow their customer base by tapping into this potential market. The UPI system allows the merchants to get all their payments on one platform. It reduces the confusion and mistakes in the accounting section of their business.
The Virtual ID proves to be useful for the merchants too. It frees them from the risk and responsibility of keeping the customers’ financial data safe. The virtual ID doesn’t reveal any vital information of the user online. Therefore, the UPI system is perfect for e-commerce and m-commerce transactions. The merchants can easily integrate UPI In-app payments (IAP) to really simplify the payment process therefore driving more conversions or sales via websites or mobile applications.
Another boon offered by an UPI app is contribution in resolving the Cash on Delivery problem. A COD transaction is always a risk for the merchant. It is observed with the introduction of a UPI system, customers have more trust in online transactions. Therefore, the payment is made beforehand, and the COD collection problem is resolved.
There are several UPI applications available on Google Play Store and iOS store. PhonePe, Paytm, Airtel Thanks, BHIM are some of the leading ones in the market. These apps allow you to transfer funds, pay your bills, do online recharges, and more with just a few clicks. Test all the applications and choose the one which suits your needs. Come, be a part of the cashless revolution with a UPI app.