A cashless economy may still take some time, but the day it comes true – it will only because of one entity and that is the National Payments Corporation Of India (NPCI). This entity processed around half of the digital payment sources. Its widely popular UPI (Unified Payments Interface) payment system eases the online transaction process. It stands as the fastest payment gateway and allows the users to transfer money without the need for any bank account details.
There are streams of banks, wallets and digital payment apps that are navigating UPI as one of the secured payment options. As of today’s era, we use UPI for almost everything where the money is involved. From purchasing clothes to paying rent, taxi rides to flight ticket booking, UPI has become a core part of life.
The country has come a long way in transforming the digital payment interface. It holds the significance to change the scope of online payments in the economy, even exceeds the services and features of digital payment. To understand the features and benefits of UPI, first, get to know what it is.
What UPI is?
Unified Payment Interface is a digital payment interface developed by the National Payments Corporation of India (NPCI) using advanced security and money transfer features. It has been introduced as a medium that can empower multiple bank accounts as well as several banking services and facilitating next-gen online and merchant payments. All this and much more will be proceeding in a single step, through a UPInavigated app. In short, it makes the online payment procedure much easier while reducing the dependence of credit card, debit card, and wallet.
What one can do with UPI digital payment interface?
UPI has been purposely designed to simplify the weakness in the online payment process. Now with the use of Unified Payment Interface-featured apps, you will avail the facility of quick payment or money transfer to the service providers. With an app, you will simply need to enter a few details and receive a billing request on your phone- which you can accept or deny right away.
Benefits for end-users
- Round the clock service and from anywhere
- Access to multiple bank accounts through an app
- Single click authentication
- Solve complaints from the app directly
- Promote transaction with virtual ID- eliminate sharing credentials repeatedly
Now the question arises that how can you use this next-generation digital payment system to avail the facility of quick transactions? Well, the whole process is quite simple if you have a smartphone.
First, download the UPI-integrated app from Google Play store/Apple store and then follow the given steps:
- Set the MPIN (Mobile banking Personal Identification Number)
- Create your VPA (Virtual Payment Address)
- Link the bank account number and you’re set
Nobody wants to wait for long to transfer their funds, especially when there is such an advanced and responsive digital payment solution. UPI interface is the way to walk in the pathway of the cashless and digitalized economy.