Tag Archives: UPI apps in India

India is undergoing a digital financial revolution that has shaken the digital payments landscape. India’s flagship instant payment system UPI has put India on the map for digital payments and also put India in a position where it exports UPI to other countries.  Around 30 countries have already adopted UPI, with Indian tourists being able to make payments in Rupees through UPI in France, starting with the Eiffel Tower, and more are expected to follow.  But what is the future of UPI Payment? How will this revolutionary payment system develop in the future? Let us find out. What is UPI?  UPI, or Unified Payments Interface, is a real-time Instant inter-bank payment system. It allows users to link multiple bank accounts to a single mobile application and enables seamless, instant fund transfers between individuals and businesses.  UPI payments are quick, secure, and convenient, eliminating the need for traditional payment methods like cash or cards. All you need to do is link your bank account to a UPI payment app, and you are ready.  What are the advantages of using UPI? There are several advantages to using UPI over traditional payment systems. Not only is it better regarding accessibility and reach, but you also do not need to carry cash and change everywhere.  And also, due to its nature, it is quick, widely accepted, and easy to use. Along with that, there are a few more advantages to consider.  Virtual Payment Address (VPA) Users can create unique VPAs linked to their bank account, making it simpler to make payments by removing the need to share bank details. Multiple Bank Account Linking  UPI apps in India allow users to link multiple bank accounts to a single UPI-based payment application, allowing you to choose and make payments for all your accounts without leaving the app. Scan to Pay  UPI enables users to make payments through QR codes, allowing users to scan the merchant's or their friend’s QR code using a UPI app and authorize the payment seamlessly. Secure and Encrypted  UPI transactions are highly secure, leveraging encryption techniques and two-factor authentication, such as PIN verification or biometric authentication, to protect user information.   What is the future of UPI Payments in India? 1. UPI Pay Later The availability of a line of credit, commonly known as UPI Pay Later, has further enhanced the appeal of UPI payments in India. UPI enables users to buy now and pay later to make purchases or payments without immediately debiting their bank accounts. This provides individuals to make payments using a predetermined credit limit.  2. Offline UPI Payment In a country like India, where internet connectivity can be spotty, offline UPI payments might be your savior. This game changer allows users to initiate transactions up to Rs. 5000 without an internet connection. 3. Instant foreign payments With the rapid adoption of UPI in the international market and the acceptance of the Indian Rupee in several countries, one can expect that UPI will allow for better trade as well as instant transfers of funds across borders.  Conclusion Now that you know what is UPI payment, why it is beneficial to use UPI, and what the future of UPI payments in India looks like, you will be able to make better use of it.  Building on this, Stashfin has continued to innovate and has built on the idea of buy now, pay later by integrating their line of credit offers to UPI. This will enable people to make all kinds of purchases without getting a credit card through the revolving credit method.  You can access their LOC of up to Rs 10 Lakhs to make payments everywhere UPI is accepted if you don’t want to dip into your savings.

India is going through a digital financial revolution, and UPI payment app are leading it. This has put India on the world map for accessible instant payment apps. One of the main features of these apps is scan and pay, making it widely accessible and hugely accepted by everyone from 5-Star Hotels to the tea stall on the road.  Stashfin is at the forefront of this revolution by offering the functionalities of UPI along with the benefits of its Line of Credit. Users can link their bank accounts to the Stashfin mobile app, and users who have applied for Stashfin’s LOC will get access to up to Rs. 10 Lakhs to make payments through scan and pay.  What is Scan and Pay? Scan and Pay is a convenient and secure digital payment method that allows users to make payments by scanning a QR code using a mobile payment app. It eliminates the need for physical cash, cards, or manual entry of payment details. It is predominantly used in UPI-based transactions, which allow instant real-time interbank person-to-person or person-to-merchant transactions. UPI’s popularity 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, as per a recent report. 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. But this has also been made possible partly due to scan and pay functionality.  Why use Scan and Pay? Scan and Pay, along with UPI, offers unmatched interoperability and convenience. UPI apps in India have made inter-bank transfers easy and quick and has also boosted financial inclusion in the country, allowing anyone and everyone to use its functionalities.  This interoperability has made UPI wallets an excellent choice for most people as it allows people to make small cashless payments without having to access their bank every time.  This has helped make digital wallets that were not widely used or accepted due to being semi-closed and requiring people to have multiple wallet apps to pay and receive money a viable option for most people.  It also adds an extra layer of security as it will enable you to carry a preloaded sum of money which can protect you in case someone gets access to your phone. How to use Scan and Pay for UPI payment? Making UPI payments using Scan and Pay is very simple. All you need to do is add your Bank account to the Stashfin Mobile app and select the Scan and Pay option.  UPI payment apps in India activate the smartphone's camera, allowing the user to scan a QR code displayed at the merchant's store or on an invoice. You can then select the payment method, whether you want to pay through your bank or card or want to avail of our line of credit.  You can then verify the payment details, such as the recipient's name and the payment amount. After which, you can just confirm the transaction using the UPI pin. The money will then be securely transferred to the recipient's bank account. This can be done within 30 seconds, and the money is instantly transferred, making UPI quick and convenient for users. Conclusion Scan to pay is thus leading the digital payments revolution in India by making convenience and accessibility its key features marking its spot firmly in the financial space.  And integrating the functionality of line of credit to instant payments using UPI will further revolutionize this space with easy credit availability and allow people to make the choices they haven’t been able to do so yet. Enabling them to avail greater financial independence.