Digital payments are becoming more and more popular with time due to the ease and accessibility that comes with them. UPI (Unified Payment Interface) is one of the most used modes of digital payments that ensures safe and smooth payments with just a single tap. A UPI payment hardly takes less than a second, and in recent years, it has been widely accepted as a payment mode across the country.
It is a well-known fact that long gone are the days when people actually used to prefer carrying cash. With the onset of internet technology, followed by smartphones, one can easily make payments anywhere at any time. Undoubtedly, adopting technology for banking has made several tasks hassle-free.
What is UPI?
It is a real-time payment platform produced by the NPCI (National Payments Corporation of India) that supports online money transfers between bank accounts via an application. With a single tap on an internet-enabled smartphone, one can quickly recharge mobile, pay electricity & water bill and most importantly, transact money online. Moreover, it is simple, instant and free of charge.
What are the benefits of UPI?
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Universal
A single UPI app can be used for different bank accounts after you link them to it. Personally speaking, I’ve been using the Bajaj Finserv mobile app for over a year now, and I’d advise the readers that instead of using different applications for a single purpose, go for an app like this one that is a single platform for all kinds of digital payments.
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Available Round-the-Clock
It is available round the clock and faster than NEFT (National Electronic Funds Transfer) and IMPS (Immediate Payment Service). For example, an NEFT can take up to 12 hours for a money transfer, and IMPS has at least 30 minutes waiting period for registration. However, payment via a UPI payment app is done instantly.
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Small transactions
UPI has made sure that even small transactions can be executed smoothly. Moreover, it has changed the entire scenario as every street vendor or shopkeeper is ready to accept a UPI payment, so there is no need to worry about change now.
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Rewards & Cashbacks
All the UPI apps compete to capture the maximum number of customers. And to lure them, many UPI applications are giving rewards and cash back for making transactions. Not only this but there are discount coupons too.
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UPI Pay later
What happens when you run out of funds? Well, the name says it all. By opting for this scheme, you can easily spend over and above your bank balance on a UPI app. Further, you can conveniently clear your dues within a fixed period and at a reasonable rate of interest.
How to do UPI payment?
Well, there are several apps available, but it’s better if I share my personal experience for better understanding for all the readers. As I said that I use the Bajaj Finserv app, trust me, it is the best if you want to make UPI payments. Here is a step-by-step guide:
- Download the application on your smartphone
- Enter your mobile number
- After receiving the One Time Password, you’ll enter the home page
- Here, under the ‘Bajaj Pay’ section, you’ll see the option for UPI
- Set it up, and you are good to go!