With the advent of UPI, customers in India have started making payments instantly through their mobile devices. This digital payment option offers unparalleled perks, including its simplistic functionality, instant money transfer, and interoperability. With UPI, customers can make payments to vendors, food courts, online stores, and more. Not only is this mode of payment simpler, quicker, and cost-effective, but also the wisest means to automate your business payment process. In February 2021, merchants who offered UPI to their customers recorded a whopping 2.3 billion digital payment transactions that amounted to over INR 4 trillion. This figure signified a year-on-year growth of about 70% in transactional volume.
The Unified Payments Interface (UPI) was launched by NPCI (National Payments Corporation of India) in August 2016 with the objective of simplifying the process of transferring funds between two bank accounts. Since then it has gained immense popularity among Indian users and businesses alike as it has simplified their daily tasks like paying bills and ecommerce purchases etcetera.
UPI Payments – Facilitating Business Growth
The number of banks adopting UPI rose from 146 to 213 in February 2020. UPI transactions ended 2020 on a powerful note, with the net value reaching INR 4.16 lakh crore in December across 2,234.16 million transactions. Here are some primary reasons why merchants should consider incorporating UPI solutions into their online payments process and how they can facilitate business growth –
1) It’s an effective channel to reach customers
2) It has low transaction fees as compared to other payment gateways
3) It is easy to use and convenient for customers
4) It is safe and secure for both buyers and sellers
Simplified Online Payments
What is e mandate? EPayment application integrates UPI, Instant messaging, and mobile wallet payments to provide a seamless, frictionless and convenient payment experience. UPI enables customers to pay conveniently from their bank account without entering their bank account details or handing over their card to the vendor. UPI utilizes a Virtual Payment Address (VPA) to carry out payments, and customers can pay using their preferred UPI platforms that support UPI flow. Enhanced customer experience is one of the primary assets of integrating UPI into your payment system.
No Hassle With Cashless UPI Payments
UPI eliminates the need to carry cash or use credit/ debit cards for payments. Merchants can accept digital and physical payments from customers from anywhere and at any time without any technical help. With UPI enabled in their respective bank accounts, merchants just need to integrate their mobile applications with UPI for accepting money transfers from customers very easily.
UPI stands for (unified payments interface)transactions securely transmit bank account details in encrypted messages. The two-factor authentication provided by UPI increases convenience and enhances safety. With end-to-end encryption, UPI transactions safely conduct online payments, making it ideal for customers and vendors.
Ideal For All Business Cases
UPI is a payment system and an API-based platform which facilitates simple, secure, and instant fund transfer. UPI allows businesses such as retail shops, travel agents, etc. to receive payments from customers instantly through their financial institution accounts. UPI offers a unique advantage of getting funds transferred into merchant bank accounts instantly via electronic mode even if it’s late in the evening or during weekends. By integrating UPI solutions into your business operations, you can: Reduce costs associated with the processing of payments; Increase revenue by processing more payments through the platform; Improve customer experience by offering quick transaction processing at your business premise.