UPI stands for Unified Payments Interface. It brings multiple bank accounts under one roof and lets every user make online transactions. The payments or money transfer happens directly between the two bank accounts without third-party interference. UPI payment is swift and transfers the money into the receiver’s account within seconds. Moreover, it is reliably contactless and curbs the virus spread by thoroughly entertaining social distancing norms.
The payment method’s popularity is so widespread that it got readily accepted by people from all walks of life. Now the question arises that how is UPI payment different from that of other online payments modes? They use the same platforms like smartphones and desktops, and they need a steady internet connection for completion. Then what makes a UPI unique? Let us find out.
Use of UPI for digital payments
Round the Clock Availability
Swiping a card and making payments through browsers fall under the digital payment category. However, these payments are not available round the clock. For example, an NEFT payment can sometimes take a few hours to complete. However, UPI payments are available round the clock. Users can pay anywhere, anytime using the UPI ID, and the best part is that they do not even have to be at the store to make payments.
This payment mode is instant and the fastest digital payment option. It only takes microseconds before the amount transfers and reflects into the receiver’s account. It means users can pay using the UPI ID while standing at the payment counter, and the queue behind wouldn’t have to wait. No other payment option gives this swiftness, making UPI unique.
QR Code Introduction
Along with this payment mode, soon the QR code got introduced into the market. It was a unique ‘quick response’ code, having the necessary account information of the merchant. Users can scan this code using the scanner on their phones and pay instantly. They need an app that can scan code and help the user complete a transaction and steady internet connection.
One App for Everything
Digital payment apps offer multiple activity options to users. They can clear their utility bills, shop online, and recharge their phone and DTH connections through these platforms. Thus, it is a one-stop shop for multiple operations, providing utmost convenience to the user.
These payments are safer than many other digital transaction modes. Firstly, it follows the data and cyber security guidelines to keep the users safe. Secondly, there is no cash involvement. It means neither the user nor any merchant has to worry about the thefts of burglar attacks.
There are many benefits that users and merchants can enjoy by opting scan code for UPI payment. For example, merchants can offer special discounts to those who pay online. At the same time, users get cashback rewards and other perks on making an online transaction. This way, they can enjoy discounted shopping and have the liberty to pay from anywhere, anytime.
Many factors make UPI payment unique and better than many other digital payment modes. However, you need to find the best app out of all the available options to enjoy perks. Make sure to do thorough research and explore multiple options before finalizing with online payment app you would want to use. Other than this, you should pay attention to the app and device safety to ensure that the transactions remain safe and the data you put in the app is secure. Stay vigilant and make wise decisions while choosing the app, and you shall ripe all the perks of digital payment apps.