Tag Archives: online UPI payment

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.    Hassle-free 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.    Accessible 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. Conclusion  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.

UPI services have put India at the forefront of the digital financial revolution and made it a global power. Not only making financial transactions easy, convenient, and accessible to the masses with functionalities such as scan and pay.  But how does it work? What is the future of UPI Payments? How will this impact your business? Let us find out in this definitive guide to UPI payments for businesses.  What is UPI?  UPI is a payment integration that allows instant real-time inter-bank person-to-person or person-to-merchant transactions. It is so revolutionary that India is now exporting it to other G20 countries, with almost 30 countries already adopting UPI as a payment method. Popularity of online UPI payment has soared with the pandemic, clocking over 74.05 billion transactions in volume and ₹126 trillion in value, with its transactions volume and value almost doubling since 2021, according to a recent report.  This means that a majority of businesses have already adopted UPI and are reaping the benefits from it. Whether you are a new adopter or someone using UPI for their business for years, this guide will help make things more straightforward and help you make the right choices.   Benefits of UPI payments for businesses Integration with UPI payment gateways UPI services provide businesses with secured and free payment gateways to integrate into their existing systems or websites. This can be done by partnering with a payment aggregator or using software development kits provided by UPI apps. Payment Links UPI enables brands to request payment from customers directly using their preferred UPI apps. Businesses can generate and share payment links with customers through email, SMS, or other communication channels. Customers can click the link and complete the payment using their preferred UPI app. QR Codes Businesses can boost ease of payment by generating UPI-enabled QR codes and displaying them at payment counters or on their websites. Customers can scan these codes using their UPI app to initiate the payment. What is the impact of the availability of a Line of Credit on UPI Payments?  India is an emerging economic superpower, and its citizens have been supercharged with easy credit availability from a host of lenders. This has made making financial decisions and purchases much more straightforward, enabling people to buy what they want when they want.  When this thought is combined with UPI, we get an incredible vision for the future of UPI and UPI-based payments. UPI Pay Later is one aspect where people can buy now and pay later by paying that initial loan amount and interest at competitive rates.  This is where Stashfin comes in. Stashfin is one of the best UPI app in India due to its integration of the groundbreaking aspects of UPI and its premier credit line offerings.  Credit line or line of credit allows customers to make purchases or payments without immediate debit from their bank accounts, providing them greater financial flexibility and enhancing their purchasing power. This can, in turn, boost sales and customer loyalty for businesses. Conclusion Offline and online UPI payment have become a game-changer for businesses, enabling seamless and secure transactions. UPI transforms how companies accept payments with benefits like instant payments, versatility, cost-effectiveness, and enhanced security.  By leveraging the best UPI apps in India, companies can tap into the vast potential of UPI payments and provide their customers with a convenient and hassle-free payment experience. Furthermore, the availability of line of credit options on UPI payments offers additional advantages, such as increased purchasing power and customer satisfaction. As UPI continues to evolve, businesses should stay updated with the latest features, integrations, and innovations to leverage its full potential.