The growth and acceptance of UPI can be entirely attributed to the ease with which it can be installed on the mobile phone and used without any complexity. The wide-scale availability has also been because of the widespread Digital India campaign.
Today, UPI payment is not only used for payment purposes but also for fund transfers, paying recurring utility bills, and even investing options. All of this is under one umbrella entity.
What is UPI?
A UPI is an online mobile application that connects different bank accounts for fund transfers for varied purposes, depending on the user’s needs. It was introduced in 2016 by the National Payments Corporation of India(NPCI).
It is instant and accessible as it has a user-friendly interface, enabling the switch to digital modes of payment. The fund transfers happen through a Virtual Payment Address(VPA), and there is no need to link the credit/debit card for the same.
Why has UPI payment become so famous in India?
Safe and secure
The Central Bank of India regulates it. It has two-factor verification, followed by an authentication process by the merchant, providing extra security for the payments.
The best part of using this payment mode is its hassle-free process. There is no need to fill in the details repeatedly, and it only takes two-factor verification to set up the application on your mobile phone. All you need is to enter the PIN before making the transfer.
No transaction cost
The UPI application charges zero transaction costs for making payments, which are instantly made using fiat currency within the financial system, providing interoperability among digital payment infrastructure.
It appeals to people of all generations as it has become reasonably accessible and easy to understand. Even the vendors nowadays use UPI, which shows that it does not need tech-related knowledge to operate it. It can not only be used in India, but it is also now available abroad.
Demonetization and Covid-19
The aftermath of demonetization led people to hold the currency digitally rather than in hand, giving UPI the boost it needed, and COVID-19 encouraged people to make paperless, no-touch transfers, making it even more popular in India.
Which is the best UPI application in India?
You can enjoy all the benefits mentioned above by downloading the Stashfin app! It is a leading financial services platform that provides fund transfers supplemented by credit availing options, giving it an advantage over others.
It is highly user-friendly and available for both Android and IOS. It provides a simple, clean, easy and efficient navigation over the entire platform. Furthermore, it also has an option to buy now and pay later, giving the space to plan the budget accordingly. Users can link their credit lines to their UPIs, thus enabling them to make all kinds of purchases without getting a credit card.
UPI is the future as it has revolutionized how people make transfers. As people become more accustomed to the technology, they find it more useful. This shows that its utility will increase manifold in the coming time.
If you plan to switch to online UPI payment, try Stashfin! It has become a favorite among its users and plans to take it further by providing seamless services as always.